Stock index ends higher on late bargain-hunting

The benchmark Philippine Stock Exchange index (PSEi) managed to reverse course and close yesterday’s session with a gain on what an analyst attributed to last-minute bargain-hunting.

The PSEi ended the trading day above the 8,200 level anew as it closed up 0.63 percent, or 51.78 points, to 8,221.92.

The broader All-Shares index was also higher by 0.4 percent, or 19.23 points, to 4,851.09.

Luis Gerado Limlingan, managing director at stockbrokerage Regina Capital Development, said yesterday that investors were rebalancing their portfolios, with the addition of Robinsons Retail Holdings Inc. to the 30-member benchmark index.

“However, in this instance, they turned to bargain-hunting on market on close,” he said.

He said investors were nevertheless cautious on statements made by US Federal Reserve Chair Janet Yellen on plans to gradually raise interest rates.

Investors yesterday remained optimistic. All sub-indices— save for services (down 0.71 percent)— closed positive. Gainers were led by industrial, up 1 percent, followed by holding firms, up 0.52 percent, and property, up 0.5 percent.

A total of 1.65 billion shares valued at P10.5 billion changed hands. Gainers beat losers, 106 to 103, while 39 companies closed unchanged.

Energy Development Corp. was the most actively traded yesterday, with a gain of 12.92 percent to P5.42 a share. This was followed by Robinsons Retail Holdings, down 1.5 percent to P98.50; Ayala Land Inc., up 0.35 percent to P43.60; SM Investments Corp., unchanged at P875, and BDO Unibank Inc., up 0.15 percent to P129.70 a share.