Bargain hunters splurge as PSEi breaks 7,000 mark

The benchmark Philippine Stock Exchange index (PSEi) continued its descent on Friday, briefly dropping below the 7,000 level before bargain hunters entered the fray.

By the closing bell, the PSEi was down 0.49 percent, or 34.95 points, to 7,063.20. The broader all-shares index was down 0.51 percent to 4,347.06. Analysts see the next key support level at the 6,800 mark.

The Philippines slid alongside mixed sentiments in the region and the decline at Wall Street overnight.

Data from the PSE showed that among subsectors, only mining and oil and property stocks closed in the green. Mining and oil was up 1.26 percent while property gained 0.65 percent.

Losers were led by the services counter, which dropped sharply by 1.15 percent, followed by holding firms, down 0.99 percent.

A total of 1.8 billion shares valued at P8 billion changed hands on Friday. Decliners outpaced gainers 129 to 76, while 46 companies closed unchanged.

Ayala Land Inc. was the most actively traded on Friday. It gained 1.35 percent to P37.55 per share.

The builder was followed by Bank of the Philippine Islands, down 2.76 percent to P88; Metropolitan Bank & Trust, up 0.97 percent to P73.20; BDO Unibank Inc., down 0.4 percent to P125.5; and SM Prime Holdings, up 1.06 percent to P33.25.

Other actively traded companies were SM Investments Corp., up 0.23 percent to P868; Jollibee Foods Corp., down 1.11 percent to P267; Ayala Corp., down 1.61 percent to P886.50; Metro Pacific Investments Corp., down 0.65 percent to P4.59; and Manila Electric Co., down 0.65 percent to P334.80 per share.