Bargain hunting lifts PH shares after two-day decline
MANILA -The Philippine Stock Exchange index (PSEi) saw a turnaround on Wednesday after ending in the red for two consecutive days, thanks to bargain hunters who provided the bourse some relief.
The benchmark PSEi climbed by 0.19 percent, or 12.39 points, to close at 6,615.95 while the All-Shares index slid 0.06 percent, or 2.06 points, to finish at 3,525.36.
“The local bourse traded sideways with a downward bias in the session then last-minute bargain hunters saved the index in the red,” Claire Alviar, Philstocks Financial Inc. assistant manager for research and online engagement, said.
“Investors also took advantage of the two consecutive [days of] market decline,” she added.
All the sub sectors dropped except for holding firms and industrial indices, which grew by 0.79 percent and 0.006 percent, respectively. Mining and oil was the biggest loser with a 0.76-percent decline.
About 750 million shares valued at P3.8 billion were traded. Decliners outpaced advancers, 101-68, while 50 issues were unchanged.
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The shares of Ayala Corp., the most actively traded, rose by 2.64 percent to P699.50.
Article continues after this advertisementFollowing this were SM Investments Corp., up 0.98 percent to P929; BDO Unibank Inc., down 1.38 percent to P136; SM Prime Holdings, down 1.45 percent to P34; Ayala Land Inc., up 1.15 percent to P26.40; and Jollibee Foods Corp., up 0.44 percent to P230.
Other active names were International Container Terminal Services Inc., up 0.40 percent to P201.40; PLDT Inc., down 1.49 percent to P1,259; Bank of the Philippine Islands, up 1.94 percent to P105; and D&L Industries Inc., down 1.97 percent to P7.45.
