Bargain hunting ends downslide of Philippine shares
Stock Market

Bargain hunting ends downslide of Philippine shares

/ 02:10 AM June 01, 2024

MANILA, Philippines — Investors hunting for bargains at the last minute lifted the Philippine Stock Exchange index (PSEi), ending the week in the green.

The benchmark PSEi inched up by 0.96 percent, or 61.35 points, to close at 6,433.10 while the broader All-Shares index climbed by 1.12 percent, or 38.30 points, to settle at 3,463.87.

“Investors seized the opportunity to buy stocks at attractive prices following a five-day decline, resulting in a technical bounce at the 6,400 support level,” said Claire Alviar, assistant manager for research and online engagement at Philstocks Financial Inc.

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All the sub-sectors booked gains except for financials and holding firms, which fell by 0.73 percent and 0.51 percent, respectively.

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About 1.22 billion shares valued at P22.72 billion were traded. Winners outpaced losers, 98-89, while 51 issues were unchanged.

The most actively traded shares were Aboitiz Equity ventures, slipping by 5.27 percent to P35.05 each.

This was followed by SM Prime Holdings, up 3.45 percent to P26.95; BDO Unibank Inc., down 0.38 percent to P130; SM Investments Corp., down 1.69 percent to P870; International Container Terminal Services Inc., up 3.64 percent to P341.60; and Ayala Corp., down 0.50 percent to P595.

Other active names were ACEN Corp., up 1.05 percent to P4.80; Ayala Land Inc., down 0.94 percent to P26.25; Bank of the Philippine Islands, flat at P120.2; and Manila Electric Co., up 4.26 percent to P367.20. —TYRONE JASPER C. PIAD

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TAGS: bargain hunting, Philippine Stock Exchange index (PSEi)

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