Preholiday bargain-hunting brings PSEi past 6,900 mark

Philippine stocks shattered the 6,900 barrier on the last day of a shortened trading week, albeit staying relatively flat, as investors went on last-minute bargain-hunting before the long weekend break.

By the end of the session on Wednesday, the benchmark Philippine Stock Exchange Index (PSEi) gained slightly by 0.08 percent, or 5.36 points, to 6,903.53. The broader All Shares Index, meanwhile, rose by 0.25 percent, or 8.96 points, to 3,607.51.

A total of 2.44 billion shares valued at P10.66 billion changed hands, stock exchange data showed.

“The market mostly traded in the red following the negative cues from the US markets overnight, while maintaining a cautious stance ahead of the long weekend,” said Claire Alviar, research analyst at Philstocks Financial Inc.

“But still, investors took the chance to buy at bargain levels,” she added.

Meanwhile, Regina Capital Development Corp. head of sales Luis Limlingan noted that investors were also waiting for fresh data on US gross domestic product growth set to be released on Friday.

Locally, March inflation data will be released on April 5, while the Bangko Sentral ng Pilipinas will have its monetary policy meeting on April 8.

Ayala Land Inc. was the top-traded stock as it increased by 0.62 percent to P32.25 per share.

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It was followed by Jollibee Foods Corp., down 0.55 percent to P252.60 per share; BDO Unibank Inc., up 2.32 percent to P154.50; Bank of the Philippine Islands, up 0.08 percent to P118.10; and International Container Terminal Services Inc., down 1.85 percent to P318 per share.

SM Investments Corp. was down by 1.02 percent to P972 per share following its P5-billion acquisition of Citicore Renewable Energy Corp.’s shares in Citicore Energy REIT Corp.

Meanwhile, Aboitiz Power Corp. went up by 1.43 percent to P35.50 per share; Universal Robina Corp., up 1.45 percent to P105.30; Converge ICT, up 2.68 percent to P9.96; and Metropolitan Bank and Trust Co., down 0.08 percent to P65.15 per share.Stock exchange data also showed that advancers edged out losers, 102 to 81, while 58 companies were unchanged at closing. —Meg J. Adonis INQ