Bargain hunting lifts PSEi back to 6,000
Investors hunting for bargains lifted the Philippine Stock Exchange index (PSEi), allowing it to return to the 6,000 territory on Tuesday.
The benchmark PSEi rose by 3.5 percent, or 206.02 points, to close at 6,089.06, while the broader All-Shares Index increased by 2.36 percent, or 83.32 points, to settle at 3,617.93.
“Philippine shares finally made a furious rebound after successive session of selling as the main barometer climbed back above 6,000,” said Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development.
All subsectors were in the green. Services and financial indices were top gainers with growth of 4.76 percent and 3.94 percent, respectively.
Over 700.46 million shares valued at P7.35 billion were traded. Winners led losers, 124 to 61, while 60 issues were unchanged.
The most actively traded shares were those of China Banking Corp., dropping by 1.08 percent to P92 each.
This was followed by International Container Terminal Services Inc., up 7.62 percent to P367; SM Investments Corp., up 2.21 percent to P786; BDO Unibank Inc., up 5.47 percent to P144.50; Bank of the Philippine Islands, up 3.58 percent to P124.30; and Metropolitan Bank & Trust Co., up 7 percent to P71.80.
Other active names were Universal Robina Corp., up 0.09 percent to P57.95; Ayala Land Inc., up 2.5 percent to P24.60; PLDT Inc., up 3.05 percent to P1,350; and Manila Electric Co., up 6.27 percent to P478.20.
