PSEi buoyed by bargain hunt
The local bourse made a comeback on Friday as investors hunted for bargain stocks, although trading was muted to account for global uncertainties.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) added 0.13 percent, or 7.93 points, to close at 6,147.44.
Likewise, the broader All Shares Index rose 0.13 percent, or 4.59 points, to 3,666.95.
Value turnover was at P3.26 billion, or lower than the year-to-date average of around P5 billion, data from Philstocks Financial Inc. show.
Japhet Tantiangco, research head at Philstocks, said the climb was on the back of investors looking for cheaper stocks, especially since the index mostly stayed in the red territory during the week.
The tepid trading was due to escalating trade policies, Tantiangco said. Property firms led the gainers as Ayala Land Inc. (ALI) gained by 2.76 percent to P22.30 each.
Bank of the Philippine Islands was the top-traded stock as it added 0.07 percent to P134.60, followed by BDO Unibank Inc., flat at P154; ALI; International Container Terminal Services Inc., up 0.82 percent to P370; and SM Prime Holdings Inc., unchanged at P22.80 per share.
Other actively traded stocks were Metropolitan Bank and Trust Co., down 0.54 percent to P73.60; Manila Electric Co., down 1.31 percent to P528; SM Investments Corp., flat at P781; Jollibee Foods Corp., up 0.17 percent to P233.40; and Globe Telecom Inc., up 2.28 percent to P2,244 each.
Gainers edged out losers, 110 to 75, while 46 companies closed unchanged, stock exchange data showed.
