Buying spree lifts PSEi above 6,100

The local bourse extended its winning streak to the third consecutive session on Friday, closing just above the 6,100 mark as investors continued their buying spree.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) had rallied by 1.14 percent, or 69.10 points, to close at 6,108.86.

Likewise, the broader All Shares Index added 0.73 percent, or 26.56 points, to end at 3,685.85.

A total of 798.67 million shares worth P4.57 billion changed hands, stock exchange data showed.

Bargain hunting continued to be the bourse’s main driver, especially after its recent seven-session losing streak, said Michael Ricafort, chief economist at Rizal Commercial Banking Corp.

At the same time, investors also took advantage of low stock prices ahead of a US jobs report that could spell another rate cut from the American central bank, according to AP Securities Inc.

The conglomerates were the only sector in the red due to SM Investments Corp.’s 1.32-percent decline to P745 per share.

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International Container Terminal Services Inc. was the most actively traded stock as it surged by 5.35 percent to P512, followed by BDO Unibank Inc., flat at P138; Ayala Land Inc., up 0.83 percent to P24.20; JG Summit Holdings Inc., up 3.45 percent to P24; and Jollibee Foods Corp., up 3.44 percent to P222.40.

Others were Bank of the Philippine Islands, up 0.62 percent to P113; RL Commercial REIT Inc., up 1.63 percent to P7.50; and Ayala Corp., up 0.82 percent to P490 each.

Gainers outnumbered losers, 111 to 79, while 63 companies closed flat, stock exchange data also showed.