Hunt for cheap stocks draws PSEi near 6,300

MANILA, Philippines – Investors continued to hunt for cheap stocks on Friday, lifting the bourse enough to finish just below the 6,300 level.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) added 0.83 percent, or 52.04 points, to 6,294.11.

Likewise, the broader All Shares Index gained by 0.55 percent, or 20.20 points, to close at 3,721.60.

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A total of 785.67 million shares worth P6.32 billion changed hands as foreigners made net purchases worth P365.15 million, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the index continued to recover after a dismal start to the trading week, with traders snapping up lower-priced stocks.

Property firms led the gainers as index heavyweights Ayala Land Inc. (ALI) and SM Prime Holdings Inc. both registered gains.

BDO Unibank Inc. was the top-traded stock as it gained by 4.43 percent to P165 each, followed by ALI, up 3 percent to P22.30; Bank of the Philippine Islands, down 0.66 percent to P136; International Container Terminal Services Inc., up 1.33 percent to P381; and Ayala Corp., up 1.77 percent to P605 each.
Other actively traded stocks were DigiPlus Interactive Corp., up 0.95 percent to P37; Universal Robina Corp., up 2.14 percent to P71.50; SM Prime, up 1.71 percent to P23.80; China Banking Corp., flat at P87.10; and Manila Electric Co., up 0.69 percent to P508.50 per share.

Gainers edged out losers, 103 to 90, while 45 companies closed unchanged, stock exchange data also showed.