Bargain hunting lifts PSEi back to 6,700

Bargain-hunting lifted the benchmark PSEi on Tuesday. —INQUIRER FILE PHOTO

The local bourse reclaimed the 6,700 level on Tuesday as investors brushed off lower investment data and went on a last-minute bargain-hunting spree.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) added 0.66 percent, or 44.25 points, to 6,724.82.

Likewise, the broader All Shares Index inched up by 0.23 percent, or 8.69 points, to close at 3,785.8.

READ: Seoul stocks dive on South Korea woes as Asian markets struggle

A total of 783.54 million shares worth P8.54 billion changed hands as foreigners made net purchases worth P1.34 billion, stock exchange data showed.

Japhet Tantiangco, research head at Philstocks Financial Inc., said the PSEi moved mostly sideways within the trading day before eventually climbing above 6,700 on last-minute bargain-hunting.

The bourse also gained amid foreign direct investments dipping to their lowest level in more than four years in September.

Data from the Bangko Sentral ng Pilipinas showed that FDIs had posted a net inflow of $368 million in September, down 36.2 percent versus last year.

Only banks ended in the red territory as index heavyweight BDO Unibank Inc., the most actively traded stock, went down by 0.65 percent to P152. Bank of the Philippine Islands (BPI) also declined by 0.08 percent to P129.90 each.

BDO was followed by International Container Terminal Services Inc., up 2.48 percent to P404.80; SM Investments Corp., up 2.27 percent to P900; AREIT Inc., down 4.17 percent to P37.95 following REIT sponsor Ayala Land’s block sale of 75 million common shares; and SM Prime Holdings Inc., up 2.1 percent to P26.75 per share. INQ