Bargain hunting halts PSEi slide

INQUIRER FILES

The brief bloodbath at the local bourse ended on Thursday as investors hunted for cheaper stocks at the last minute, thus saving the index from another day in the red.

The benchmark Philippine Stock Exchange Index (PSEi) closed higher by 0.23 percent or 14.85 points to 6,511.57, snapping a two-session losing streak.

Likewise, the broader All Shares Index added 0.2 percent or 7.44 points to close at 3,757.29.

READ: Asian markets drop as trades fret over US inflation, rates outlook

A total of 1.53 billion shares worth P4.52 billion changed hands, stock exchange data showed. Foreigners remained net sellers as foreign outflows totaled P98.1 million.

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Although the PSEi traded mostly in the red territory due to concerns over inflation at Wall Street, some bargain-hunting near closing managed to lift the local stock barometer, said Japhet Tantiangco, research head at Philstocks Financial Inc.

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Index heavyweights BDO Unibank Inc. (down 0.75 percent to P145.90) and Metropolitan Bank and Trust Co. (down 1.28 percent to P73.55) pulled down banks.

Meanwhile, investors snapped up the shares of conglomerates and property firms the most.

SM Investments Corp. was the top-traded stock as it climbed by 0.51 percent to P885, followed by BDO; Bank of the Philippine Islands, up 0.17 percent to P120.80; International Container Terminal Services Inc., up 0.6 percent to P399.40; and Dito CME Holdings, up 8.78 percent to P2.23 each.

Other actively traded stocks were SM Prime Holdings Inc., up 0.62 percent to P24.25; Ayala Corp., up 2.04 percent to P599.50; Metrobank; China Banking Corp., down 0.43 percent to P69; and DigiPlus Interactive Corp., up 3.46 percent to P26.90 per share.
Losers edged out gainers, 108 to 99, while 39 companies closed unchanged, stock exchange data also showed.