PSEi manages small gain on bargain-hunting

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

MANILA, Philippines — The local bourse made a slight comeback on Wednesday as investors hunted for cheap stocks following the market’s recent declines.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) added 0.13 percent, or 8.13 points, to 6,348.34.
The broader All Shares Index, meanwhile, shed 0.05 percent, or 1.71 points, to close at 3,698.53.

A total of 862.29 million shares worth P4.68 billion changed hands, stock exchange data showed, while foreign outflows totaled P404.29 million.

READ: Most Asian markets rise after Trump AI pledge

Japhet Tantiangco, research head at Philstocks Financial Inc., said bargain hunting managed to lift the market, albeit only slightly.

This came after Wall Street posted gains overnight following US President Donald Trump’s inauguration and initial policies.
Only the services subsector ended positive, buoyed by index heavyweight International Container Terminal Terminal Services Inc. (up 1.28 percent to P395).

BDO Unibank Inc. was the top-traded stock as it shed 1.04 percent to P142.50 per share, followed by Universal Robina Corp., down 2.27 percent to P64.50; Jollibee Foods Corp., down 0.81 percent to P245; ICTSI; and Ayala Land Inc., flat at P25.50 per share.

Other actively traded stocks were Manila Electric Co., up 1.42 percent to P500; SM Investments Corp., up 0.96 percent to P845; Bank of the Philippine Islands, up 1.63 percent to P124.50; Converge ICT Solutions Inc., flat at P18; and Metropolitan Bank and Trust Co., down 0.63 percent to P71.05 each.

Losers edged out gainers, 103 to 73, while 65 companies closed unchanged, stock exchange data also showed