Bargain-hunting buoys shares

Last-minute bargain hunting lifted the local stock market on Wednesday despite news about the higher local unemployment rate.

The benchmark Philippine Stock Exchange Index climbed closer to the 6,700 level by the closing bell as it gained by 0.61 percent, or 40.60 points, to 6,659.18.

Likewise, the broader All Shares Index went up by 0.31 percent, or 10.82 points, to 3,516.57.

Value turnover was at P5.98 billion for 434.16 million shares, stock exchange data showed.

The Philippine Statistics Authority on Wednesday said the country’s unemployment rate had risen to 3.9 percent in March from 3.5 percent in February.

“Nonetheless, this figure was lower than the previous year’s 4.7 percent,” which bolstered sentiment, according to Claire Alviar, research analyst at Philstocks Financial Inc.

Property firms gained the most—4.71 percent—buoyed by the Zobel family’s Ayala Land Inc. (ALI) and Sy-led SM Prime Holdings Inc., as both registered higher first-quarter earnings.

International Container Terminal Services Inc. was the top-traded stock as it gained by 2.51 percent to P359 each.

It was followed by Alliance Global Group Inc., down 2.02 percent to P9.70; ALI, up 4.91 percent to P27.80; Universal Robina Corp., up 0.45 percent to P110.50; and SM Investments Inc., down 2.8 percent to P921 per share.

SM Prime surged by 7.12 percent to P27.85; Ayala Corp., down 0.09 percent to P584.50; Aboitiz Power Corp., down 4.72 percent to P35.30; BDO Unibank Inc., down 1.42 percent to P146.20; and Metropolitan Bank and Trust Co., up 0.86 percent to P70.60 each.

There were 99 advancers against 91 losers, while 40 companies were unchanged at closing.