Bargain hunters lift shares
MANILA -Investors keep the benchmark index (PSEi) above 6,500 as bargain hunters stepped in on Wednesday.
By the closing bell, the PSEi added 0.20 percent, or 13.11 points, to 6,541.91 while the broader All Shares index rose 0.23 percent, or 8.16 points, to 3,490.91.
“Bargain hunting helped give the market a slight lift amid continued consolidation and a lack of fresh leads,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said in a note to investors on Wednesday. A total of 489.04 million shares valued at P3.66 billion changed hands while foreigners were net buyers amounting to about P44 million, data from the stock exchange showed.
PSE subsectors were mostly higher, with mining and oil taking the lead, followed by industrial, services, property and holding firms while financials retreated.
BDO Unibank Inc. was the top traded stock as it climbed 1.58 percent to P141.70 per share.
It was followed by Jollibee Foods Corp., up 2 percent to P255; SM Investments Corp., down 0.86 percent to P921; Ayala Land Inc., up 1.36 percent to P26.05; and Bloomberry Resorts Corp., up 2.32 percent to P11.46 per share.
