Bargain hunting lifts PSEi back to 6,700

The local bourse reclaimed the 6,700 level on Tuesday as investors brushed off lower investment data and went on a last-minute bargain-hunting spree.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) added 0.66 percent, or 44.25 points, to 6,724.82.

Likewise, the broader All Shares Index inched up by 0.23 percent, or 8.69 points, to close at 3,785.8.

A total of 783.54 million shares worth P8.54 billion changed hands as foreigners made net purchases worth P1.34 billion, stock exchange data showed.

Japhet Tantiangco, research head at Philstocks Financial Inc., said the PSEi moved mostly sideways within the trading day before eventually climbing above 6,700 on last-minute bargain-hunting.

The bourse also gained amid foreign direct investments dipping to their lowest level in more than four years in September.

Data from the Bangko Sentral ng Pilipinas showed that FDIs had posted a net inflow of $368 million in September, down 36.2 percent versus last year.

Only banks ended in the red territory as index heavyweight BDO Unibank Inc., the most actively traded stock, went down by 0.65 percent to P152. Bank of the Philippine Islands (BPI) also declined by 0.08 percent to P129.90 each.

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BDO was followed by International Container Terminal Services Inc., up 2.48 percent to P404.80; SM Investments Corp., up 2.27 percent to P900; AREIT Inc., down 4.17 percent to P37.95 following REIT sponsor Ayala Land’s block sale of 75 million common shares; and SM Prime Holdings Inc., up 2.1 percent to P26.75 per share.

Other actively traded stocks were BPI; Universal Robina Corp., up 1.31 percent to P77.50; ALI, flat at P28.15; Dito CME Holdings, down 3.5 percent to P1.38; and Semirara Mining and Power Corp., up 0.58 percent to P34.45 each.

Losers outnumbered gainers, 97 to 88, while 59 companies closed unchanged, stock exchange data also showed.