Bargain-hunting lifts stocks

LOCAL stocks rose Tuesday after bargain-hunters snapped up shares battered after a nine-day losing streak.

The benchmark Philippine Stock Exchange index (PSEi) rose 0.78 percent, or 52.46 points, to 6,825.38 while the broader All-Shares index was up 0.84 percent, or 33.01 points, to 3,947.44.

All-subsectors were also up with gains led by mining and oil, up 1.27 percent, and financials, up 1.17 percent. Trading volume was still relatively weak, with 601.9 million shares valued at P6.11 billion changing hands.

Reflecting the positive sentiments, stock exchange gainers outnumbered losers, 119 to 48, while another 44 companies closed unchanged.

Robinsons Land Corp. led the list of most actively traded companies as its shares dipped 0.33 percent to P30.40 each Tuesday.

This was followed by SM Prime Holdings, up 0.74 percent to P20.45; Bank of the Philippine Islands, up 2.04 percent to P85; Philippine Long Distance Telephone Co., up 0.05 percent to P1,965, and BDO Unibank Inc., up 0.35 percent to P99.50 per share. Miguel R. Camus