Bargain-hunting lifts stocks to snap 6-day downturn

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    Share prices ended higher yesterday as investors took to bargain-hunting.

    The Philippine Stock Exchange index (PSEi) was up 25.67 points to 7.071.50, a 0.36 percent hike.

    The broader all shares index was up 8.96 points to 4,250.65, a 0.21 percent hike.

    Market breadth, however, was negative with losers edging gainers 129 to 92, and 39 stocks unchanged. Trading turnover reached P9.11 billion.

    The peso closed at 48.079 to the dollar, up from 48.085.

    The currency opened at 48.07, and hit a high of 48.05 and a low of 48.085. Trading turnover reached $763.05 million.

    SB Equities Inc. said the market snapped a six-day downturn, closing on the session highs in mostly lackluster trade “as investors looked ahead to the 2021 GDP data set for release on Thursday.

    “While a reduction in active coronavirus cases and the government’s decision to expand the age group for persons allowed outside residence to improve consumer spending helped sentiment, the index shrugged off a weak open to trade mostly sideways for the bulk of the day before finishing on its high,” SB Equities said.

    Japhet Tantiangco, analyst at Philstocks Financial Corp., said last-minute bargain-hunting fuelled the market’s

    Most actively traded Apollo Global Capital Corp. was down P0.04 to P0.280. BDO Unibank Inc. was up P0.80 to P111.90. Basic Energy Corp. was down P0.23 to P1.05. Abra Mining and Industrial Corp. was up P0.0004 to P0.0071. MerryMart Consumer Crp. was up P0.42 to P7.85. Ayala Land Inc. was up P0.55 to P40. Dito CME Holdings Corp. was down P0.14 to P12.16. Premier Horizon Alliance Corp. was down P0.12 to P2.52. AC Energy Philippines Corp. was down P0.01 to P6.79. SM Prime Holdings Inc. was up P0.60 to P38.20.