Share prices ended up Thursday on bargain- hunting.
The Philippine Stock Exchange index (PSEi) was up 85.48 points to 7,032.54, a 1.23 percent hike.
The broader all shares index was up 38.12 points to 3,772.50, a 1.02 percent hike.
Gainers edged losers 111 to 78 with 50 stocks unchanged. Trading turnover reached P9.04 billion.
The peso closed at 50.40 to the dollar, down from 50.34 on Wednesday.
The currency opened at 50.38 and hit a high of 50.32 and a low of 50.44. Trading turnover reached $880.25 million.
The United States confirmed its first case of the new variant overnight, unsettling Asian financial markets already on edge on concerns about its potential impact on the region’s nascent economic recovery, Reuters reported.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said bargain hunting pushed the market to end up, after four days of decline.
“Positive sentiment got a boost from the IHS Markit Philippines Manufacturing PMI data which stood at 51.7 reflecting an expansion of the country’s manufacturing sector,” he said.
“The Senate’s approval on the 3rd and final reading of the 2022 national budget also helped in lifting sentiment,” he added.
Foreign funds were net sellers worth P1.02 billion.
Most actively traded Monde Nissin Corp. was down P0.24 to P16.76. BDO Unibank Inc. was up P1.30 to P119.30. AC Energy Corp. was up P0.68 to P11.44. Ayala Land Inc. was up P0.80 to P34. Ayala Corp. was up P20 to P828. Globe Telecom Inc. was up P44 to P3,180.
SM Investments Corp. was up P15.50 to P947.50. Universal Robina Corp. was up P1.80 to P130.30. SM Prime Holdings Inc. was down P0.30 to P34.70. Jollibee Foods Corp. was up P3 to P224.20. – Ruelle Castro
