Bargain hunting lifts PSEi after 5 days in doldrums
Traders hunting for cheap stocks snapped the five-session losing streak of the local bourse on Thursday, allowing the main index to reclaim the 6,100 level ahead of the August inflation print release.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) climbed 0.39 percent, or 23.99 points, to close at 6,106.92.
Likewise, the broader All Shares Index added 0.39 percent, or 14.3 points, to end at 3,677.92.
A total of 1.1 billion shares worth P4.8 billion changed hands, stock exchange data showed.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors mostly took advantage of lower-priced stocks after five consecutive sessions of declines due to the lack of catalysts.
The inflation print for August is expected to be the main focus on Friday, especially as analysts are anticipating a faster rate due to higher electricity and transport costs.
Bank of the Philippine Islands was the most actively traded stock as it lost 0.09 percent to P110.20 each, followed by: International Container Terminal Services Inc., up 0.64 percent to P475; Universal Robina Corp., down 4.16 percent to P77.10; Ayala Land Inc., up 1.62 percent to P28.30; and Globe Telecom Inc., up 3.68 percent to P1,576.
Others were SM Investments Corp., up 0.33 percent to P758.50; Synergy Grid & Development Phils Inc., up 7.9 percent to P16.12; BDO Unibank Inc., up 0.75 percent to P134; Ayala Corp., up 0.09 percent to P548; and SM Prime Holdings Inc., up 1.32 percent to P23 per share.
Gainers edged out losers, 111 to 88, while 53 companies closed flat, stock exchange data also showed.
