Bargain hunting fails to lift PSEi above 6,000

MANILA  -Bargain-hunting activities lifted the Philippine Stock Exchange index (PSEi) on Tuesday after recently declining due to an off-cycle interest rate hike, but general trading remained muted as it was not able to break through the 6,000-mark.

The benchmark PSEi inched up 0.20 percent, or 11.70 points, to settle at 5,973.78 while the wider All-Shares index climbed by 0.24 percent, or 7.70 points, to close at 3,254.17 on Tuesday.

“The local bourse gained 11.79 points (0.20 percent) … thanks to bargain hunting following the two consecutive days of market losses,” said Claire Alviar, assistant manager for research and online engagement at Philstocks Financial Inc.

Last week, the Monetary Board raised the key policy rate by 25 basis points to 6.5 percent to tame inflation.

“However, this was not enough to lift the market above the 6,000-mark since many were still on the sidelines amid shortened trading week, with the net market value at P3.90 billion,” she added.

All the sub sectors were in the green, except for industrial and mining and oil indices that fell by 0.66 percent and 0.64 percent, respectively. Property booked most gains with 1.08-percent uptick. About 416.56 million shares valued at P4.09 billion were traded. Advencers led decliners, 94-85, while 50 issues were unchanged.

BDO Unibank Inc.’s shares were the most actively traded, falling by 0.78 percent to P127.50 each.

Following this was Bank of the Philippine Islands, up 1.62 percent to P100.50; Ayala Land Inc., up 3.92 percent to P27.85; International Container Terminal Services Inc., up 0.85 percent to P201.20; Jollibee Foods Corp., down 2.01 percent to P205; and SM Prime Holdings, flat at P30.

Other active names were SM Investments Corp., down 0.56 percent to P801; Universal Robina Corp., down 0.64 percent to P109.30; Manila Electric Co., up 0.80 percent to P355; and Ayala Corp., up 0.41 percent to P605.50.

—Tyrone Jasper C. Piad INQ