Bargain hunt boosts bourse back past 6,000
The local bourse bounced back to the 6,000 level on Wednesday as traders hunted for cheaper stocks following four days of declines.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) added 0.94 percent or 56.38 points to 6,044.13.
Likewise, the broader All Shares Index gained 0.34 percent or 12.16 points to close at 3,619.19.
A total of 533.69 million shares worth P5.84 billion changed hands, stock exchange data showed. Foreigners, however, were still net sellers, with foreign outflows totaling P455.51 million.
Japhet Tantiangco, research head at Philstocks Financial Inc., said the index’s gain was due to bargain hunting. Before Wednesday’s trading, the PSEi had declined for four consecutive days following US President Donald Trump’s latest tariff salvo, particularly on all steel and aluminum imports.
This also comes ahead of the Bangko Sentral ng Pilipinas’ meeting on Thursday, when the central bank is expected to deliver a quarter-point rate cut.
Conglomerates registered the strongest growth among all subsectors, with index heavyweight SM Investments Corp. (up 2.58 percent to P814.50) lifting the holding firms.
International Container Terminal Services Inc. was the top-traded stock as it climbed by 2.41 percent to P340 each.
It was followed by Bank of the Philippine Islands, up 2.34 percent to P131; BDO Unibank Inc., down 1.28 percent to P139; Universal Robina Corp., down 1.13 percent to P61.20; and Metropolitan Bank and Trust Co., down 0.35 percent to P71.20.
Other actively traded stocks were JG Summit Holdings Inc., down 0.4 percent to P14.96; SM Prime Holdings Inc., up 0.43 percent to P23.40; Monde Nissin Corp., up 5.96 percent to P8; and Globe Telecom Inc., down 1.32 percent to P2,250 per share.
Losers outnumbered gainers, 103 to 74, while 64 companies closed unchanged, stock exchange data also showed.
