PSEi gains 1.27%, closes at above 8,311

Philippine stocks surged above the 8,300 level anew, as bargain hunters stepped into the picture.

The benchmark Philippine Stock Exchange Index (PSEi), in a reversal of the previous day’s decline, ended Friday’s session up 1.27 percent, or 104.6 points, to 8,311.08. Also recovering were index heavyweights Ayala Corp. and SM Investments Corp., which were down the day before.

Data from the PSE showed that the broader all-shares index closed 0.81 percent higher to 4,873.82.

All subsectors ended positive, led by mining and oil, which dropped 0.9 percent on Friday. Gainers were led by property, up 1.43 percent, followed by holding firms, up 1.39 percent.

Volume was still relatively weak. A total of 7.3 billion shares valued at P5.6 billion changed hands yesterday. There were 98 gainers and 91 losers while another 56 companies closed unchanged.

Manila Electric Co. was the most actively traded yesterday, as it gained 1.07 percent to P322 per share.

It was followed by BDO Unibank Inc., up 0.07 percent to P146.20, Ayala Land Inc., up 2.89 percent to P42.75, Puregold Price Club Inc., down 3.33 percent to P47.85, and Ayala Corp., up 1.3 percent to P1,013 per share.