Bargain hunting snaps PSEi losing streak

Traders took advantage of cheap stocks on Friday, finally snapping the local bourse’s six-session losing streak that was triggered by global tariff anxiety.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) had added 0.85 percent, or 53.40 points, to end at 6,306.13.

The broader All Shares Index likewise climbed by 0.39 percent, or 14.76 points, to close at 3,751.67.

A total of 1.3 billion shares worth P5.6 billion changed hands, stock exchange data showed.

Foreigners opted to shed their stocks, with net outflows totaling P54.3 million.

Japhet Tantiangco, research head at Philstocks Financial Inc., said bargain hunters were the main reason behind the bourse’s gain.

Prior to its Friday rebound, the PSEi tumbled below the 6,300 barrier as traders anxiously waited for more developments on the global tariff war.

Conglomerates led the gainers as SM Investments Corp. gained by 2.21 percent to P834 each and JG Summit Holdings Inc. by 5.24 percent to P22.10.

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DigiPlus Interactive Corp. was the top-traded stock, rallying by 8.33 percent to P27.30 per share, followed by BDO Unibank Inc., up 0.21 percent to P143; SM Prime Holdings Inc., up 0.43 percent to P23.30; Bank of the Philippine Islands, up 1.95 percent to P120.50; and International Container Terminal Services Inc., up 1.56 percent to P455 each.

Others were Converge ICT Solutions Inc., down 4.36 percent to P17.10; Metropolitan Bank and Trust Co., down 2.02 percent to P72.70; and Ayala Land Inc., up 0.8 percent to P25.20.

There were 99 gainers against 91 losers, while 50 companies were flat at closing, stock exchange data also showed.