PSEi back in the green on bargain-hunting

Investors went on a shopping spree for cheap stocks on Monday, ending the local stock barometer’s brief stay in the red.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) had added 0.24 percent, or 14.54 points, to close at 6,052.33.

Meanwhile, the broader All Shares Index lost 0.08 percent, or 2.85 points, to end at 3,655.59.

A total of 1.96 billion shares worth P4.92 billion changed hands, stock exchange data showed.

Japhet Tantiangco, research head at Philstocks Financial Inc., said the bourse’s gain was due to bargain hunting following last week’s declines.

Foreign investors likewise helped lift the PSEi, with net buying at P109.28 million.

Only services and mining companies were spared from the red territory.

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International Container Terminal Services Inc. emerged as the top-traded stock of the session, surging by 3.61 percent to P545 per share. It was followed by DigiPlus Interactive Corp., down 2.88 percent to P23.60; AREIT Inc., up 1.75 percent to P43.50; BDO Unibank Inc., up 0.15 percent to P135; and Ayala Land Inc., down 0.43 percent to P23.15.

Others were Ayala Corp., up 0.21 percent to P472; SM Investments Corp., flat at P735; Manila Electric Co., down 2.06 percent to P546.50; Bank of the Philippine Islands, up 0.56 percent to P107; and Philex Mining Corp., up 3.38 percent to P10.40 each.

Losers overpowered gainers, 121 to 76, while 52 companies closed flat, stock exchange data also showed.