PSEi smashes 6,700 on hunt for cheap stocks

The bourse shattered the 6,700 level on Wednesday after nearly three weeks as investors hunting for lower-priced stocks lifted the market ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy meeting.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) gained 0.82 percent, or 54.52 points, to close at 6,704.96.

The broader All Shares Index likewise added 0.53 percent, or 19.30 points, to 3,629.30.

A total of 670.22 million shares worth P6.96 billion changed hands as foreigners made net purchases worth P457.52 million, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors continued to hunt for bargains in anticipation of the BSP’s policy rate meeting today, Aug. 15.

Improved corporate earnings likewise improved market sentiment, Limlingan added.

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Homegrown fastfood giant Jollibee Foods Corp. was the most actively traded stock as it gained by 2.98 percent to P241.60 each. Jollibee posted higher earnings in the first half and upgraded its income outlook.

It was followed by International Container Terminal Services Inc., up 0.54 percent to P369; Ayala Land Inc., up 2.27 percent to P31.50; Ayala Corp., up 2.83 percent to P618; and DigiPlus Interactive Corp., up 0.63 percent to P19.02.

BDO Unibank Inc. was up 0.86 percent to P140.20; Bank of the Philippine Islands, down 1.01 percent to P118; SM Investments Corp., down 0.60 percent to P914.50; PLDT Inc., down 1.88 percent to P1,570; and SM Prime Holdings Inc., up 2.02 percent to P30.30.