PSEi snaps out of red but still sluggish

Bargain hunting snapped the local bourse’s three-session losing streak on Tuesday, with the benchmark stocks index approaching the elusive 6,100 barrier.

By the closing bell, the Philippine Stock Exchange Index added 0.16 percent or 9.46 points to end at 6,093.53.

Meanwhile, the broader All Shares Index shed 0.11 percent or 4.07 points to close at 3,657.85.

A total of 1.31 billion shares worth P5.24 billion changed hands, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors mostly hunted for lower-priced blue chips as a result of the bourse’s recent stay in the red territory.

However, he noted there was still some selling pressure as the peso depreciated against the US dollar.

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International Container Terminal Services Inc. was the most actively traded stock after bouncing back by 2.04 percent to P550 per share. It was followed by Ayala Land Inc., down 2 percent to P22; JG Summit Holdings Inc., up 3.75 percent to P24.90; BDO Unibank Inc., down 0.43 percent to P138; and Manila Electric Co., up 1.93 percent to P581 each.

Others were SM Investments Corp., down 1.34 percent to P735; SM Prime Holdings Inc., up 0.65 percent to P23.25; DigiPlus Interactive Corp., down 3.72 percent to P22; Bank of the Philippine Islands, up 1.01 percent to P109.70; and Aboitiz Equity Ventures Inc., down 2.4 percent to P28.50 per share.

Losers outnumbered gainers, 127 to 84, while 47 companies closed flat, stock exchange data also showed.