PSEi sustains gains as investors pick up cheap stocks

Traders continued to take advantage of cheaper stocks on Wednesday, allowing the bourse to end with a marginal gain.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) added 0.18 percent, or 10.61 points, to end at 5,963.77.

Likewise, the broader All Shares Index climbed by 0.44 percent, or 15.70 points, to close at 3,605.21.

A total of 690.95 million shares worth P6.5 billion changed hands, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said bargain hunting was the primary reason behind the index’s climb.

At the same time, he noted that the peso’s return to the 58 level against the US dollar added to investor optimism.

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Ayala Land Inc. was the most actively traded stock as it shed 2.66 percent to P20.15 each. It was followed by: International Container Terminal Services Inc., down 1.57 percent to P531.50; BDO Unibank Inc., up 0.52 percent to P135.20; Bank of the Philippine Islands, up 0.58 percent to P104.60; and Ayala Corp., up 1.49 percent to P462.80 each.

Others were Metropolitan Bank and Trust Co., up 0.29 percent to P69; Jollibee Foods Corp., up 0.73 percent to P219.60; Manila Water Co. Inc., up 3.17 percent to P35.80; SM Prime Holdings Inc., down 0.87 percent to P22.70; and PLDT Inc., up 0.18 percent to P1,112 each.

Gainers outnumbered losers, 110 to 74, while 61 companies closed flat, stock exchange data also showed.