PSEi jumps to 6,600

The local bourse managed to jump to the 6,600 level on Friday thanks to bargain hunting as traders took advantage of weakness in late 2024.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) rose by 0.82 percent or 53.42 points to 6,603.81.

Likewise, the broader All Shares Index added 0.81 percent or 30.38 points to close at 3,785.48.

A total of 2.77 billion shares worth P3.78 billion changed hands, stock exchange data showed. Foreigners were net sellers, with foreign outflows totaling P171.99 million.

The PSEi went as high as 6,627.12, buoyed mostly by banks, the top gainers among the subsectors.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors took advantage of the index’s weakness at the end of 2024 and hunted for lower-priced stocks.

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International Container Terminal Services Inc. was the top-traded stock as it gained 0.1 percent to P399.40, followed by BDO Unibank Inc., up 0.35 percent to P145; DigiPlus Interactive Corp., up 6.83 percent to P28.95 after securing a federal license to operate online gaming in Brazil; SM Investments Corp., up one percent to P908; and Bank of the Philippine Islands, up 2.05 percent to P124.50 each.

Other actively traded stocks were SM Prime Holdings Inc., up 0.8 percent to P25.20; Dito CME Holdings, up 2.11 percent to P1.94; Ayala Land Inc., up 2.08 percent to P26.95; Synergy Grid and Development Phils Inc., up 13.41 percent to P11.50; and China Banking Corp., up 2.5 percent to P67.60 per share.

Gainers dominated losers, 126 to 84, while 46 companies closed unchanged, stock exchange data also showed.