Bargain-hunting snaps PSEi losing streak

Bargain hunters snapped the local bourse’s seven-session losing streak to end the trading week in the green, with the bourse finally making a comeback and closing near the 6,700 level.

By the closing bell on Friday, the benchmark Philippine Stock Exchange Index (PSEi) rallied by 1.82 percent, or 119.56 points, to close at 6,676.65.

READ: Asian markets fluctuate at end of tough week

Likewise, the broader All Shares Index climbed by 2.50 percent, or 92.18 points, to close at 3,772.80.

A total of 447.1 million shares worth P6.77 billion changed hands, stock exchange data showed.

This marks a turnaround for the local stock barometer after it plunged by more than 13 percent in a little over a month following Donald Trump’s victory.

The US president-elect is expected to increase import tariffs, a move that is seen to hurt equities and increase interest rates.

Oversold

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi was lifted by investors buying into the “oversold index.”

Only the conglomerates failed to launch a comeback due to declines in index heavyweights SM Investments Corp. (down 0.11 percent to P875) and Ayala Corp. (down 0.81 percent to P615).

BDO Unibank Inc. was the most actively traded stock as it gained by 2.75 percent to P141.9. It was followed by Ayala Land Inc., up 0.87 percent to P29.05; International Container Terminal Services Inc., up 0.79 percent to P383; Ayala; and SM Investments.

Other actively traded stocks were Bank of the Philippine Islands, up 3.70 percent to P140; GT Capital Holdings Inc., down 2.30 percent to P615; SM Prime Holdings Inc., up 3.45 percent to P27; PLDT Inc., up 3.38 percent to P1,344; and Jollibee Foods Corp., up 0.78 percent to P260 each.

Gainers overpowered losers, 146 to 56, while 52 companies closed unchanged, stock exchange data showed. —Meg J. Adonis