Bargain hunting pushed share prices to close higher, with foreigners picking up stocks with strong corporate fundamentals.
Online stock trading platform Philstocks Financial Inc. said bargain hunting was supported by “appreciation for corporate fundamentals.”
“Sectors were mixed, with the banks taking the lead, up 1.35 percent. Miners were at the bottom, down 1.26 percent,” it said.
The Philippine Stock Exchange index (PSEi) rose 28.44 points to close at 6,313.12, up 0.45 percent.
The broader All Shares index gained 26.26 points or 0.71 percent to 3,749.35.
Gainers edged out losers 93 to 88, with 63 stocks unchanged. Trading turnover reached P7.84 billion.
“Foreigners were net buyers for the day, with net inflow at P392.22 million, supporting the market’s rise,” Philstocks said.
Most actively traded Emperador Inc. firmed P0.02 to P11.92. Bank of the Philippine Islands gained P3.40 to P138. BDO Unibank Inc. closed up P0.60 at P161. International Container Terminal Services Inc. shed P11.20 to P374. DigiPlus Interactive Corp. dropped P0.40 to P38.50. Ayala Land Inc. closed P0.05 lower at P22.25. China Banking Corp. rose P1.45 to P93.75. Converge ICT Solutions Inc. added P0.36 to P18.10. Jollibee Foods Corp. declined by P1.60 to P250.20. SM Investments Corp. fell P5 to P808.
