PSEI bounces back on bargain buying

The local bourse inched up on Wednesday as investors sought bargain stocks after the two-session decline.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) gained by 0.19 percent, or 12.73 points, to P6,619.09.

Meanwhile, the broader All Shares Index went up by 0.28 percent, 9.94 points, to close at 3,597.71.

A total of 421.19 million shares worth P5.62 billion changed hands, stock exchange data showed.

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Claire Alviar, research analyst at Philstocks Financial Inc., said the gains were due to investors buying bargain stocks after the bourse declined for two consecutive sessions.

BDO Unibank Inc., the banking arm of the SM Group, was the most actively traded stock as it gained by 0.37 percent to P137 each.

It was followed by Ayala Land Inc., down 1.83 percent to P29.50; SM Investments Corp., up 0.11 percent to P908; International Container Terminal Services Inc., up 0.85 percent to P356; and ACEN Corp., up 4.77 percent to P5.49.

Bank of the Philippine Islands was down 0.66 percent to P121.30; Philippine Seven Corp., up 0.57 percent to P124.10; PLDT Inc., up 1.47 percent to P1,515; SM Prime Holdings Inc., down 1.54 percent to P28.80; and Metropolitan Bank and Trust Co., up 1.03 percent to P68.70 per share.

Gainers edged out losers, 92 to 86, while 63 companies closed unchanged.