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Bourse bounces back with bargain buys
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Bourse bounces back with bargain buys

The local bourse marginally improved on Thursday as investors hunted for cheap stocks following a steep decline the previous day.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) had added 0.38 percent or 23.09 points to close at 6,053.96.

The broader All Shares Index also climbed by 0.28 percent or 10.2 points to end at 3,637.58.

A total of 1.42 billion shares worth P4.8 billion changed hands, stock exchange data showed.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said investors mostly bought battered blue chips, allowing the bourse to register a slight gain.

The sectors ended mixed, with services firms posting a 1.72-percent improvement. This was thanks to the 2.41-percent rise of index heavyweight International Container Terminal Services Inc. (ICTSI) to P553.

Meanwhile, banks saw the steepest loss at 0.56 percent due to the 1.78-percent decline of Bank of the Philippine Islands (BPI).

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Ayala Land Inc. was the most actively traded stock as it lost 0.69 percent to close at P21.50. It was followed by BDO Unibank Inc., up 0.74 percent to P137; ICTSI; Ayala Corp., down 1.9 percent to P475; and BPI.

Others were Manila Electric Co., up 2.96 percent to P592; GT Capital Holdings Inc., down 2.78 percent to P559; PLDT Inc., up 0.91 percent to P1,110; Metropolitan Bank and Trust Co., flat at P70; and SM Investments Corp., up 0.54 percent to P738 each.

Losers still edged out gainers, 99 to 92, while 68 companies closed flat, stock exchange data also showed.

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