Less unstable PSEi makes a leap to 7,800

The benchmark Philippine Stock Exchange Index (PSEi) recovered above the 7,800 level on Wednesday as bargain hunters lifted local stocks while indices across the region ended mixed.

By the closing bell, the PSEi was up almost 1.3 percent, or 100 points, to 7,847.50 while the broader all shares index ended at 4,748.81, higher by 0.89 percent.

“Philippine shares were bought up this time after being aggressively oversold yesterday as investors viewed the local market in a less volatile state than the rest of the region,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said on Wednesday.

Elsewhere, recession indicators from bonds “worsened and fears around the US-China trade war weighed on equity trading,” Limlingan said.

The opposite was true for the local market, with only mining and oil (down 0.15 percent) declining yesterday. Gains were led by holding firms, up 2.06 percent, followed by property, up 1.38 percent.

There were 1.38 billion shares valued at P8.3 billion that changed hands yesterday. Advancers outnumbered decliners 118 to 83, while 47 companies closed unchanged.

Technology firm NOW Corp. was the most actively traded on Wednesday as it gained 6.58 percent to P3.40 per share.

It was followed by Ayala Land Inc., up 1.06 percent to P47.75; International Container Terminal Services Inc., down 0.84 percent to P130; Ayala Corp., up 1.01 percent to P947; and Megaworld Corp., up 4.16 percent to P5.01 per share.

Other actively traded companies were SM Investments Corp., up 1.92 percent to P1,007; BDO Unibank Inc., down 0.34 percent to P145; Metropolitan Bank & Trust Co., up 1.63 percent to P71.80; SM Prime Holdings Inc., up 1.15 percent to P35.05; and Universal Robina Corp., up 1.96 percent to P171.80 per share.