Bargain hunt puts PSEI on winning streak
The Philippine Stock Exchange, Inc. in Taguig City | FILE PHOTO
Gains in the services sector allowed the local bourse to extend its winning streak on Tuesday, with the benchmark index closing less than a point away from the 6,300 level.
The Philippine Stock Exchange Index (PSEi) gained 0.42 percent, or 26.59 points, to close at 6,299.05. The broader All Shares Index likewise climbed by 0.98 percent, or 33.32 points, to 3,441.09.
A total of 360.36 million shares worth P4.17 billion changed hands, while foreigners made net purchases worth P11 million, stock exchange data showed.
READ: Weaker peso, foreign selling push down PSEI toward 6,100
Claire Alviar, research analyst at Philstocks Financial Inc., said investors continuing to hunt for bargain stocks helped lift the market.
Article continues after this advertisementWhile the sectors were mixed, the 2.25-percent gain in services-focused companies, such as telecommunications giants PLDT Inc. and Globe Telecom Inc., buoyed the local bourse.
Article continues after this advertisementRazon-led International Container Terminal Services Inc. was the most actively traded stock as it rallied by 4.53 percent to P346 per share.
It was followed by Ayala Land Inc., up 3.79 percent to P28.75; BDO Unibank Inc., up 0.78 percent to P129; SM Investments Corp., down 1.49 percent to P826; and SM Prime Holdings Inc., up 0.56 percent to P27.15 each. —Meg J. Adonis INQ
