Blue chips make for beautiful bargain as PSEi aims for 6,000

The benchmark Philippine Stock Exchange Index (PSEi) rose on Thursday as investors swooped in and picked up bargains among major conglomerates and property firms.

By the closing bell, the PSEi was up 1.38 percent or 80.64 points to 5,944.87 while the broader all-shares index was up 0.95 percent, or 33.43 points, to 3,562.28.

“Diminished selling pressure signaled buyers to come in and pick up battered blue chips,” Chris Mangun, research head at stock brokerage firm AAA Equities, said in a note to investors on Thursday.

All subsectors ended in positive territory save for mining and oil, which sank 0.95 percent. Holding firms, services and property all rose above 1 percent.

A total of 1.96 billion shares valued at P5.42 billion changed hands on Thursday. There were 108 losers versus 81 gainers, while 53 companies closed unchanged.

“The general sentiment remains cautious. However, a break above 6,000 may give investors more confidence,” Mangun said. —Miguel R. Camus