Investors sift through cheap equities, boosting PSEi

Philippine Stock Exchange, Bonifacio Global City. | INQUIRER PHOTO/LYN RILLON

Local shares bounced back on Friday as investors hunted for lower-priced stocks after the bourse’s two-day losing streak.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) added 0.42 percent, or 30.44 points, to 7,314.23.

Meanwhile, the broader All Shares Index climbed by 0.25 percent, or 9.88 points, to close at 4,017.27.

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A total of 729.88 million shares worth P4.2 billion changed hands as foreigners made net purchases worth P7.61 million, stock exchange data showed.

Yesterday’s gain snapped two consecutive sessions in the red, as investors struggled to remain optimistic amid a lack of fresh catalysts.

“The bourse bounced back as investors hunted for bargains,” said Japhet Tantiangco, senior analyst at Philstocks Financial Inc.

Banks registered the biggest jump at 0.97 percent, driven mainly by Ayala-led Bank of the Philippine Islands, the top-traded stock as it rallied by 5.04 percent to P146 each.

It was followed by GT Capital Holdings Inc., up 0.78 percent to P714.50; BDO Unibank Inc., down 1.90 percent to P159.70; Metropolitan Bank and Trust Co., flat at P77; and SM Prime Holdings Inc., down 1.13 percent to P30.60.

Other actively traded stocks were International Container Terminal Services Inc., up 0.93 percent to P412.80; Semirara Mining and Power Corp., down 0.30 percent to P33.65; Puregold Price Club Inc., up 2.01 percent to P33; Ayala Land Inc., down 0.57 percent to P34.80; and Globe Telecom Inc., up 0.62 percent to P2,274 per share.

Gainers outnumbered losers, 110 to 81, while 55 companies closed unchanged, stock exchange data also showed. INQ