Bargain-hunting lifts stocks

The benchmark Philippine Stock Exchange index (PSEi) recovered lost ground on Wednesday as bargain hunters stepped in after the previous session’s steep drop.

The PSEi closed higher by 1.16 percent, or 79.25 points, to 6,923.08 while the broader All-Shares index was up 0.74 percent to 4,242.24. The gain on Wednesday meant the PSEi had clawed back almost all losses from Tuesday’s 1.19-percent drop.

Data from the PSE showed that a total of 1.03 billion shares valued at P7.05 billion changed hands on Wednesday. There were 105 gainers against 75 losers while 56 companies closed unchanged.

Stock indices ended in positive territory save for mining and oil, which declined 0.65 percent. The top gainers were financials, up 1.6 percent, followed by holding firms, up 1.46 percent, and industrial, up 1.02 percent.

ISM Communications Corp. was the most active stock on Wednesday as it gained 2.47 percent to P8.30 a share. It is enjoying a play on third telco plan of the government.

It was followed by Metropolitan Bank and Trust Co., up 3.4 percent to P67; Ayala Corp., up 0.56 percent to P900; SM Prime Holdings, down 0.16 percent to P31.75, and Ayala Land Inc., up 0.78 percent to P38.80 a share.

Other actively traded companies were SM Investments Corp., up 2.33 percent to P898.50; Jollibee Foods Corp., up 2.27 percent to P279; Robinsons Land Corp., up 2.05 percent to P19.90; Wilcon Depot Inc., up 6.3 percent to P12.48, and San Miguel Food and Beverage, unchanged at P84.95 a share.