Bargain-hunting brings PSEi closer to 7,300

Optimistic earnings results from companies, along with last-minute bargain hunting, managed to lift the main stock market index close to the 7,300 level on Wednesday.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) gained 0.56 percent, or 40.26 points, to 7,280.24.

Meanwhile, the broader All Shares Index added 0.48 percent, or 19.27 points, to close at 3,996.58.

Value turnover was at P5.5 billion for 742.78 million shares, stock exchange data showed.

Japhet Tantiangco, senior analyst at Philstocks Financial Inc., said robust third-quarter corporate results gave market sentiment a boost, along with late-day bargain hunting.

Banks, which have been posting record nine-month earnings so far, led the gainers as they rose by 1.09 percent.

Rozon-led International Container Terminal Services Inc. was the top-traded stock as it rose by 0.48 percent to P415 per share.

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It was followed by BDO Unibank Inc., up 1.91 percent to P160; Ayala Land Inc., up 0.3 percent to P33.60; Globe Telecom Inc., up 3.14 percent to P2,166; and SM Prime Holdings Inc., down 0.17 percent to P30.05.

Other actively traded stocks were SM Investments Corp., down 0.31 percent to P962.50; Metropolitan Bank and Trust Co., up 5.23 percent to P79.45 after its investment bank announced the sale of its stake in its asset management business; Bank of the Philippine Islands, down 1.15 percent to P145.50; Aboitiz Equity Ventures Inc., up 2.19 percent to P34.95; and Universal Robina Corp., flat at P100 each.

Losers edged out gainers, 99 to 88, while 58 companies closed unchanged, stock exchange data also showed.