Quest for discounted shares saves PSEi from another dip

Philippine shares bounced higher from early-session losses after local bargain hunters stepped into the scene.

The benchmark Philippine Stock Exchange Index (PSEi) closed Wednesday’s session up 1.21 percent, or 81.65 points, to 6,802.73 while the broader all-shares index rose 0.5 percent, or 18.16 points, to 3,614.99.

The PSEi dropped as low as 1.35-percent intraday.

“Investors reverted to bargain hunting after the holiday,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors.

He pointed to gains in Wall Street ahead of the US Federal Reserve’s interest rate decision later this week.

Meanwhile, PSE subsectors were mixed with property stocks and financials gaining 2.42 percent and 1.77 percent, respectively. Industrial and services also pushed higher while mining and oil dropped 1.87 percent, followed by the 0.04-percent decline by holding companies.

Volume also accelerated with nearly 632 million shares valued at P6.92 billion changing hands. Foreigners, however, were heavy net sellers to the tune of P2.43 billion.

PSE data showed 124 losers against 64 gainers while 54 companies closed unchanged.

MREIT Inc. was the most actively traded on Wednesday as it gained 0.11 percent to P17.52 per share.

It was followed by Ayala Land Inc., down 0.31 percent to P32; SM Prime Holdings Inc., up 5 percent to P36.75; BDO Unibank Inc., down 0.16 percent to P127.80; and SM Investments Corp., flat at P849 per share.

International Container Terminal Services Inc. dropped 0.28 percent to P215; Ayala Corp., down 1.08 percent to P730; Monde Nissin Corp., up 3.73 percent to P13.90; Converge ICT Solutions Inc., up 3.3 percent to P28.20; and Globe Telecom, down 2.29 percent to P2,222 per share.