Bargain hunting lifts PSEi above 6,000
The benchmark Philippine Stock Exchange Index (PSEi) added 0.65 percent, or 39.22 points, to close at 6,037.19 on March 3. FILE PHOTO
MANILA, Philippines – The local bourse climbed past the 6,000 level on Monday as investors hunted for cheap stocks following last week’s decline and positive corporate earnings.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) added 0.65 percent, or 39.22 points, to close at 6,037.19, snapping a two-day losing streak.
At the same time, the broader All Shares Index gained 0.89 percent, or 32 points, to end at 3,620.12.
Trading was relatively active, as value turnover ended at P6.19 billion, or above the year-to-date average of P5.16 billion, according to Philstocks Financial Inc.
Foreigners made net purchases worth P293.79 million.
Japhet Tantiangco, research head at Philstocks, said the index’s gain was mostly due to bargain-hunting after two consecutive sessions of declines.
At the same time, “satisfactory” full-year earnings results fueled investor optimism.
Conglomerates rallied by 2.9 percent, buoyed by a 5.62-percent gain at index heavyweight SM Investments Corp. to P808 per share.
READ: SMIC launches P60-B share buyback program
International Container Terminal Services Inc. (down 2.8 percent to P340) dragged the services subsector.
BDO Unibank Inc. was the top-traded stock as it shed 2.33 percent to P146.50, followed by Emperador Inc., down 1.14 percent to P12.16; Bank of the Philippine Islands, up 2.17 percent to P127; ICTSI; and Ayala Land Inc., down 0.23 percent to P21.65 each.
DigiPlus Interactive Inc. was down 3.31 percent to P33.60 following Senate President Francis Escudero’s call for a ban on local online gambling operators.
JG Summit Holdings Inc. was up 2.9 percent to P16.32; Universal Robina Corp., flat at P66.20; and Filinvest REIT Corp., up 0.32 percent to P3.15 per share.
Despite the PSEi’s gain, losers edged out gainers, 120 to 75, while 55 companies closed unchanged, stock exchange data showed.
