Bargain hunt breaks PSEi losing streak

The local bourse snapped its five-session losing streak on Wednesday as traders looking for cheap stocks went on a shopping spree.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) had gained 0.63 percent, or 40.02 points, to 6,375.35.

Likewise, the broader All Shares Index added 0.47 percent, or 17.37 points, to close at 3,737.94.

Value turnover was at P5.67 billion, slightly higher than the year-to-date average of P5.55 billion, data from Philstocks Financial Inc. showed. Foreigners, however, opted to shed their stocks, with outflows totaling P287.34 million.

Japhet Tantiangco, research head at Philstocks, said the market managed to end in the positive territory on the back of bargain hunting.

The PSEi had been closing lower for five consecutive trading days as investors digested global trade tensions and the downgrade of the United States’ credit rating.

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International Container Terminal Services Inc. was the most actively traded stock as it inched up by 0.05 percent to P400.20 each.

It was followed by Bank of the Philippine Islands, up 4.27 percent to P136.70; Universal Robina Corp., down 3.78 percent to P86.60; Emperador Inc., up 1.94 percent to P13.66; and SM Prime Holdings Inc., down 1.91 percent to P23.05 per share.

Others were BDO Unibank Inc., up 1.87 percent to P158; Ayala Land Inc., flat at P23; DigiPlus Interactive Corp., up 0.61 percent to P49.15; Metropolitan Bank and Trust Co., down 0.33 percent to P75.30; and China Banking Corp., down 6.36 percent to P76.50.