Hawkish Fed lifts Philippine shares

MANILA, Philippines — The local stock market snapped its two-session losing streak on Thursday as investors went bargain-hunting amid the US Federal Reserve’s worries over inflation.

By the closing bell, the benchmark Philippine Stock Exchange Index gained by 0.8 percent, or 52.77 points, to close at 6,659.99.

The broader All Shares Index likewise rose by 0.38 percent, or 13.34 points, to 3,537.29.

A total of 791.21 million shares valued at P6.36 billion changed hands, while foreigners made net purchases of P248.74 million, stock exchange data showed.

READ: Asian shares mixed, with China stocks down

Mikhail Plopenio, researcher at Philstocks Financial Inc., said that while traders looking for lower-priced shares lifted the market, others remained on the sidelines due to the American central bank’s hawkishness.

Bargain-hunting

Holding firms gained the most, climbing 1.4 percent, buoyed by index heavyweight SM Investments Corp.

BDO Unibank Inc. was the most actively traded stock as it inched up by 0.37 percent to P136.50 per share.

It was followed by International Container Terminal Services Inc., down 0.79 percent to P351.20; SM Investments, up 3.23 percent to P895; Ayala Land Inc., up 1.91 percent to P29.40; and Bank of the Philippine Islands, down 0.72 percent to P124 each.

Globe Telecom Inc. was up by 0.85 percent to P2,006; SM Prime Holdings Inc., up 1.77 percent to P28.70; Semirara Mining and Power Corp., up 2.42 percent to P33.80; PLDT Inc., down 1.41 percent to P1,400, and Jollibee Foods Corp., down 0.17 percent to P229 per share.

There were 100 losers against 94 advancers, while 37 companies were unchanged at closing. —Meg J. Adonis