Bargain hunt, firmer peso bump up PSEi
Cheap stocks and the peso regaining strength against the US dollar perked up investors on Wednesday. This enabled the Philippine Stock Exchange Index (PSEi) to close just below the 6,100 barrier.
The benchmark index added 0.29 percent or 17.88 points to settle at 6,094.1.
The PSEi briefly broke through the 6,100 level, although some selling pressure among conglomerates, industrial and property firms pushed it back to 6,000. Foreigners were also net sellers, with outflows totaling P233.37 million.
Meanwhile, the broader All Shares Index was nearly flat, gaining only 0.06 percent or 2.25 points to close at 3,670.88.
A total of 2.6 billion shares worth P7.9 billion changed hands, stock exchange data showed.
Japhet Tantiangco, research head at Philstocks Financial Inc., explained investors went bargain hunting for lower-priced blue chips. The local currency’s improvement against the greenback likewise improved sentiment, Tantiangco added.
The peso closed at 58.055 against the US dollar on Wednesday, coming from 58.215 on Tuesday.
Mining stocks saw the steepest climb as traders considered higher gold prices.
Emerging as the top-traded stock was International Container Terminal Services Inc., which gained 2.42 percent to P550 each. It was followed by Universal Robina Corp., up 1.05 percent to P77; Manila Water Co. Inc., down 2.9 percent to P36.80; PLDT Inc., down 0.73 percent to P1,094; and BDO Unibank Inc., up 1.16 percent to P139 per share.
There were 107 losers against 95 gainers, while 56 companies were unchanged.
