Bargain hunters emerge after 5-day slump

The benchmark Philippine Stock Exchange Index (PSEi) snapped a five-day losing streak as bargain hunters bought up shares of major property developers and holding companies.

By the closing bell on Monday, the PSEi was up 1.93 percent or 122.95 points to 6,502.12, while the broader all shares index rose 1.41 percent or 48.88 points to 3,506.28.

Top index gainers were SM Prime Holdings Inc., Ayala Land Inc., Ayala Corp., Aboitiz Equity Ventures Inc. and SM Investments Corp.

PSE trading volume amounted to P8.1 billion while foreigners stayed net sellers to the tune of P763.47 million.

The stock market moved higher despite jitters over a possible interest rate hike during the Bangko Sentral ng Pilipinas’ policy meeting this week, and the uncertain economic landscape as the incoming Marcos administration takes over in July.

All PSE subsectors on Monday moved higher, with the property counter rising 3.16 percent while holding firms added 1.97 percent.

Luis Gerardo Limlingan, managing director at Regina Capital Development, noted that Philippine shares managed to advance “following the relief rally last week in the US, preventing the S&P 500 from tumbling into the bear market territory.”

Overall, there were 118 gainers versus 79 losers while 43 companies closed unchanged.

Converge ICT Solutions Inc. was the most actively traded company on Monday as it gained 0.18 percent to P27.80 per share after announcing its first quarter results.

It was followed by: SM Prime Holdings Inc., up 3.99 percent to P36.50; Ayala Land Inc., up 3.27 percent to P28.40; Ayala Corp., up 0.31 percent to P653; and Aboitiz Equity Ventures Inc., up 0.64 percent to P47.30 per share.

Other active names were: SM Investments Corp., up 2.41 percent to P808; PLDT Inc., up 1.04 percent to P1,950; Monde Nissin Corp., down 0.28 percent to P14.32; BDO Unibank Inc., up 0.64 percent to P126; and International Container Terminal Services Inc., up 0.78 percent to P207.60 per share.

—Miguel R. Camus INQ