PSEi rises as bargain hunt continues

The local bourse managed to inch up again on Thursday as bargain hunters snapped up cheap stocks.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) climbed by 0.48 percent or 30.52 points to 6,378.86.

Likewise, the broader All Shares Index increased by 0.18 percent or 6.81 points to close at 3,705.34.

A total of 904.2 million shares worth P4.09 billion changed hands, stock exchange data showed, while foreign outflows totaled P163.58 million.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the modest climb was brought about by investors hunting for lower-priced stocks following last week’s bloodbath.

Banks booked the highest gain, while services-related firms saw the steepest decline.

International Container Terminal Services Inc. was the top-traded stock as it slipped by 1.22 percent to P390.20.

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It was followed by BDO Unibank Inc., up 3.58 percent to P147.60; Synergy Grid and Development Phils Inc., down 9.45 percent to P11.88; Metropolitan Bank and Trust Co., up 0.35 percent to P71.30; and SM Investments Corp., up 1.78 percent to P860 each.

Other actively traded stocks were JG Summit Holdings Inc., down 5.88 percent to P17.60; SM Prime Holdings Inc., down 0.82 percent to P24.25; Bank of the Philippine Islands, down 0.4 percent to P124; Ayala Land Inc., up 0.39 percent to P25.60; and Semirara Mining and Power Corp., up 0.41 percent to P36.30 per share.

Losers edged out gainers, 107 to 95, while 42 companies closed unchanged, stock exchange data also showed.