PSEi snaps red run with bargain hunt

Traders hunting for cheap stocks lifted the local bourse at the last minute on Wednesday, snapping a three-session losing streak.

Although nearly flat, the benchmark Philippine Stock Exchange Index (PSEi) was pulled out of the red territory as it added 0.1 percent, or 6.20 points, to close at 6,166.06.

Likewise, the broader All Shares Index rose by 0.53 percent, or 19.53 points, to close at 3,676.71.

A total of 1.1 billion shares worth P4.91 billion changed hands, stock exchange data showed. Foreigners opted to shed their stocks, with foreign outflows totaling P1 billion.

Japhet Tantiangco, research head at Philstocks Financial Inc., said the market’s slight gain was due to last-minute bargain hunting. The PSEi traded mostly in the red within the day and went as low as 6,114.

“Rising hopes that the BSP (Bangko Sentral ng Pilipinas) will ease their policy in their April meeting helped in lifting sentiment,” Tantiangco said.

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Both conglomerates and property firms declined as Sy family-led firms SM Investments Corp. and SM Prime Holdings Inc. went down.

BDO Unibank Inc. was the top-traded stock as it shed 1.86 percent to P153.10, followed by International Container Terminal Services Inc., up 2.97 percent to P374; Jollibee Foods Corp., up 0.34 percent to P233.60; SM Investments, down 1.07 percent to P786.50; and Manila Electric Co., up 4.38 percent to P548 each.

Other actively traded stocks were Apex Mining Co., up 1.02 percent to P4.95; SM Prime, down 3.85 percent to P22.50; Ayala Land Inc., down 1.35 percent to P21.95; Converge ICT Solutions Inc., up 2.98 percent to P19.34; and GT Capital Holdings Inc., down 3 percent to P485 per share.