Bargain shares help PSEi reclaim 6,700

The local bourse continued its ascent on the first trading day of the week as investors hunted for cheaper stocks after last week’s fall.

By the closing bell on Monday, the benchmark Philippine Stock Exchange Index (PSEi) rebounded by 1.27 percent, or 84.7 points, to 6,761.35.

The broader All Shares Index added 0.71 percent, or 26.9 points, to close at 3,799.70.

A total of 695.71 million shares worth P5.78 billion changed hands, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the local stock barometer gained as traders bought into the oversold market.

US election aftermath

The PSEi last week slid back to the 6,500 level after three months as the peso remained weak against the dollar following Donald Trump’s victory in the US elections.

Investors snapped up shares of conglomerates the most as the subsector rallied by 3.59 percent. Ayala Corp. (up 6.83 percent to P657) and SM Investments Corp. (up 3.43 percent to P905) were among the index heavyweights that lifted the bourse.

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BDO Unibank Inc. was the most actively traded stock as it declined by 1.06 percent to P140.40 each, followed by Ayala Land Inc., down 0.17 percent to P29; International Container Terminal Services Inc., flat at P383; Bank of the Philippine Islands, up 0.14 percent to P140.20; and Ayala Corp.

Other actively traded stocks were SM Prime Holdings Inc., up 3.7 percent to P28; DITO CME Holdings Corp., down 6.28 percent to P1.79; GT Capital Holdings Inc., up 4.07 percent to P640; SM Investments; and Universal Robina Corp., up 4.07 percent to P85.7 each.

Gainers edged out losers, 97 to 94, while 62 companies closed unchanged, stock exchange data also showed.