PSEi bounces as support level holds

The benchmark Philippine Stock Exchange index (PSEi) bounced from a key support level on Tuesday while volumes were little-changed from low levels in the previous session.

By the closing bell, the PSEi rose 0.84 percent, or 56.84 points, to 6,800.96 while the broader All Shares index added 0.38 percent, or 13.86 points, to 3,621.61.

The index closed above 6,750, which was deemed a crucial support level for bulls that were betting on a continuation of the January uptrend.

Meanwhile, trading activity picked up slightly on Tuesday as 611.2 million shares valued at P3.52 billion changed hands. Foreigners were net sellers amounting to P150.3 million, stock exchange data showed.

Financials took the lead among subsectors, rising by 1.57 percent. Holding firms were up 1.29 percent, followed by mining and oil, up 1.24 percent; property, up 0.60 percent and industrial, up 0.12 percent, while services slipped 0.97 percent. SM Investments Corp. was the top traded stock as it climbed 2.92 percent to P897.50 per share.

It was followed by Ayala Land Inc., down 0.52 percent to P28.95; Bank of the Philippine Islands, up 4.11 percent to P108.80; International Container Terminal Services Inc., down 1.62 percent to P206; and Ayala Corp., up 1.05 percent to P675 per share.

Metro Pacific Investments Corp. was down 0.24 percent to P4.20; BDO Unibank Inc., down 0.48 percent to P123.90; SM Prime Holdings Inc., up 1.49 percent to P37.45; Globe Telecom, down 1.49 percent to P1,990; and Manila Electric Co., up 0.65 percent to P310 per share.

Overall, there were 94 losers against 79 advancers while 50 companies closed unchanged, stock exchange data showed.

—Miguel R. Camus INQ