Bargain hunt pushes PSEi past 6,400
The Philippine Stock Exchange Index (PSEi) regained the 6,400 level on the last trading day of the week as investors hunted for cheap stocks and expressed optimism over “improved market operations.”
By the end of the session on Friday, the benchmark index had rallied by 1.71 percent, or 107.73 points, to close at 6,413.1.
Likewise, the broader All Shares Index added 1.04 percent, or 38.61 points, to 3,746.79.
A total of 854.5 million shares worth P6.25 billion changed hands, stock exchange data showed.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the gain was due to bargain hunting following Thursday’s slide.
At the same time, he said traders were “focusing on prospects for reform and improved market operations.”
Philippine Stock Exchange Inc. also announced on Friday it would adapt global tech giant Nasdaq’s new Eqlipse trading platform in hopes of modernizing the bourse.
Banks registered the highest gain as index heavyweights BDO Unibank Inc. and Bank of the Philippine Islands (BPI) both rallied.
International Container Terminal Services Inc. was the most actively traded stock as it added 1 percent to P404, followed by BDO, up 3.15 percent to P163.50; SM Investments Corp., up 1.62 percent to P879; Emperador Inc., flat at P13.80; and Globe Telecom Inc., down 2.89 percent to P1,748 each.
Others were Security Bank Corp., down 0.65 percent to P61.60; Ayala Land Inc., up 3.1 percent to P23.30; SM Prime Holdings Inc., up 3.52 percent to P23.50; BPI, up 2.79 percent to P139,80; and Universal Robina Corp., up 0.72 percent to P84.10 per share.
