Bargain hunters snap 3-day PSEi losing streak

END OF AN ERA Philippine Stock Exchange (PSE) president Ramon Monzon (third from right) and director Vivian Yuchengco (fourth from left) ring the closing bell on the PSE’s trading floor in Taguig City for the last time on Friday. Starting on Monday, trading in one of Asia’s oldest bourses will be done completely virtually. —DAXIM L. LUCAS

Investors hunting for bargains after a three-day losing streak lifted the Philippine Stock Exchange index (PSEi) to the 6,200 level, ending the week in the green.

The benchmark PSEi rose by 2.51 percent, or 152.33 points, to close at 6,217.56 while the broader All Shares index climbed 1.61 percent, or 52.90 points, to end at 3,337.63 by the closing bell.

Philstocks Financial Inc. senior research analyst Japhet Louis Tantiangco said that trading remained “tepid” despite the bargain-hunting as value turnover only reached P4.53 billion, which was below the year-to-date average of P6.72 billion.

“This shows that many are still staying on the sidelines due to the lingering downside risks to the market including the weakened peso, local inflationary risks and recession risks in the US,” he added.

Most sectors up

All subsectors were up, except for mining and oil which fell by 0.75 percent. Property index gained the most at 3.81 percent.

Advancers led decliners, 112 to 62, while 47 issues did not change.

Ayala Land Inc.’s shares, the most actively traded, were up 4.68 percent to P26.85 each.

This was followed by Converge ICT Solutions Inc., down 1.07 percent to P18.50; BDO Unibank Inc., up 1.12 percent to P117.80; International Container Terminal Services Inc., up 2.78 percent to P185; Bank of the Philippine Islands, up 1.73 percent to P88; and Emperador Inc., up 1.55 percent to P19.70.

Other active names were PLDT Inc., up 0.18 percent to P1,700; Manila Electric Co., down 3.51 percent to P357; SM Prime Holdings, up 3.86 percent to P36.35; and SM Investment Corp., up 4.16 percent to P801.50.