Bargain hunt lifts PSEi past 6,300

Investors hunting for cheap stocks lifted the bourse on Wednesday, with traders also cheering corporate earnings.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) climbed by 0.45 percent, or 28.44 points, to 6,313.12.

Likewise, the broader All Shares Index added 0.71 percent, or 26.26 points, to close at 3,749.35.

Trading was more active, with value turnover ending at P5.51 billion or above the year-to-date average of P5.34 billion, data from Philstocks Financial Inc. show.

Japhet Tantiangco, head of Philstocks’ research team, said the PSEi’s rebound was due to investors hunting for bargains as well as their “appreciation for corporate fundamentals.”

Banks ahead

Banks led the gainers as Bank of the Philippine Islands (BPI) and BDO Unibank Inc. both registered gains.

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Emperador Inc. was the top-traded stock as it rose by 0.17 percent to P11.92 per share, followed by BPI, up 2.53 percent to P138; BDO, up 0.37 percent to P161; International Container Terminal Services Inc., down 2.91 percent to P374; and DigiPlus Interactive Corp., down 1.03 percent to P38.50 each.

Other actively traded stocks were Ayala Land Inc., down 0.22 percent to P22.25; China Banking Corp., up 1.57 percent to P93.75; Converge ICT Solutions Inc., up 2.03 percent to P18.10; Jollibee Foods Corp., down 0.64 percent to P250.20; and SM Investments Corp., down 0.62 percent to P808 per share.

Gainers outnumbered losers, 93 to 88, while 63 companies closed unchanged, stock exchange data showed.