Traders comb market for cheap equities after 2-day slump

The stock barometer firmed up on Wednesday as the market doldrum in the last two days attracted bargain hunters.

The main-share Philippine Stock Exchange Index (PSEi) added 25.07 points, or 0.38 percent, to close at 6,643.45.

Outside the PSEi, one outperformer was Manila Jockey Club, whose shares surged 16.28 percent after announcing its decision to exit the horse racing business after 155 years. It was the biggest advancer for the day.

Overall, the market’s gains were led by the property and mining/oil counters, which both advanced by over 1 percent. The financial and holding firm subindices likewise inched up by less than 1 percent.

The services and industrial counters dipped by 0.3 percent and 0.35 percent, respectively.

Market breadth was positive, with 119 advancers edging out 74 decliners, while 42 stocks were unchanged.

Property giant Ayala Land was among the day’s notable gainers in the PSEi basket as it advanced by 3.41 percent.

“It’s just bargain hunting after a two-day slump,” said Manny Cruz, chief strategist at local stock brokerage Papa Securities.

Foreigners as net sellers

Local banking giant BDO added 1.6 percent, while port terminal operator International Container Terminal Services Inc. and SM Prime Holdings also added to the day’s gains, both firming up by less than 1 percent.

Security Bank added 2.82 percent in relatively heavy trade.

Domestic investors fueled the day’s upswing, while foreign investors were net sellers to the tune of P183.6 million.

About P5.44 billion worth of stocks changed hands.

Converge ICT and PLDT fell by 0.53 percent and 0.23 percent, respectively, curbing the PSE’s gains.

Outside the PSEi, one notable decliner was Solar Philippine Nueva Ecija Corp., which lost 1.2 percent. The company is returning to the capital market by selling shares to existing investors.