PSEI inches up amid bargain hunt

Investors shopping for lower-priced shares lifted the benchmark index on the last trading day of the week despite negative cues from the US market.

By the end of the session on Friday, the Philippine Stock Exchange Index (PSEi) rose by 0.82 percent, or 53.87 points, to 6,628.75.

The broader All Shares Index likewise climbed by 0.71 percent, or 24.78 points, to 3,492.75.

A total of 505.07 million shares worth P2.77 billion changed hands, while foreigners made net purchases worth P241.78 million, stock exchange data showed.

“Philippine shares continued the bargain hunting while Wall Street bled during the last trading session, as the [gross domestic product] figure turned slower than anticipated,” said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

Claire Alviar, research analyst at Philstocks Financial Inc., also said the net market value turnover was noticeably lower than the year-to-date average of P4.79 billion as investors “took a cautious stance” amid weak US economic data.

International Container Terminal Services Inc. was the top-traded stock as it went down by 0.97 percent to P326.40 each.

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It was followed by Universal Robina Corp., up 3.32 percent to P96.50 per share; Metropolitan Bank and Trust Co., up 0.29 percent to P69.50; BDO Unibank Inc., down 1.1 percent to P144; and JG Summit Holdings Inc., up 6.22 percent to P35 each.

Ayala Land Inc. gained by 0.35 percent to P28.55, while SM Prime Holdings Inc. was up 0.35 percent to P28.35. Cemex Holdings Philippines Inc. plunged by 28.42 percent to P1.36 following news of the Consunji group’s acquisition of the cement manufacturer.

Overall, there were 110 advancers against 78 losers, while 49 companies were unchanged at closing, stock exchange data also showed.