Bargain binge bumps up PSEi

Traders were quick to buy cheap stocks on Tuesday after Monday’s selloff. This allowed the bourse to move up from the 6,100 psychological support barrier.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) had climbed by 0.34 percent or 20.85 points to end at 6,122.71.

Also, the broader All Shares Index added 0.24 percent or 8.81 points to close at 3,691.59.

A total of 1.99 billion shares worth P6.23 billion changed hands, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors sought stocks at cheaper prices. This, especially after flood control woes weighed on sentiment.

At the same time, traders mirrored gains at Wall Street after dismal employment data sparked hopes of another rate cut, according to Philstocks Financial Inc. research head Japhet Tantiangco.

Ayala Land Inc. was the most actively traded stock as it gained 3.9 percent to P29.30 per share.

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It was followed by SM Investments Corp., down 0.4 percent to P748; BDO Unibank Inc., down 0.37 percent to P134; International Container Terminal Services Inc., up 1.37 percent to P489; and Bank of the Philippine Islands, up 0.28 percent to P107.30 each.

Others were Ayala Corp., down 1.94 percent to P530; JG Summit Holdings Inc., up 3.75 percent to P24.90; Jollibee Foods Corp., down 2.49 percent to P227; SM Prime Holdings Inc., up 1.28 percent to P23.70; and Semirara Mining and Power Corp., up 0.43 percent to P35.

Gainers edged out losers, 111 to 85, while 60 companies closed flat, stock exchange data also showed.