PSEi nears 6,100 mark on bargain hunting
The local bourse ended just below the 6,100 level on Friday as traders hunted for cheap stocks and gauged risks posed by the next round of import tariffs in the United States.
By the closing bell on the last trading day of the week, the benchmark Philippine Stock Exchange Index (PSEi) added 0.52 percent, or 31.41 points, to 6,098.04.
Meanwhile, the broader All Shares Index shed 0.31 percent, or 11.34 points, to close at 3,660.28.
A total of 1.69 billion shares worth P4.71 billion changed hands, stock exchange data showed.
Foreigners continued to be net sellers, with foreign outflows totaling P423.38 million.
The market’s improvement came as traders continued to weigh risks from US trade and immigration policies, said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.
US President Donald Trump’s latest pronouncement was a 25-percent tariff on all automobile, semiconductor and pharmaceutical imports, effective in April.
Only banks ended in the red as index heavyweight Bank of the Philippine Islands declined by 1.31 percent to P128.10 per share.
Property firms led the gainers, with top-traded stock Ayala Land Inc. (up 1.32 percent to P23.10) and SM Prime Holdings Inc. (up 2.82 percent to P23.70) both climbing.
Other actively traded stocks were: International Container Terminal Services Inc., down 0.29 percent to P345; SM Investments Corp., flat at P780; DigiPlus Interactive Corp., up 2.84 percent to P38; BDO Unibank Inc., flat at P142; Metropolitan Bank and Trust Co., up 1.11 percent to P72.80; Universal Robina Corp., up 5.3 percent to P74.45; and Jollibee Foods Corp., up 0.23 percent to P258.60 each.
