Investors snap up bargains

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    Share prices ended higher Tuesday on bargain- hunting.

    The Philippine Stock Exchange index (PSEi) was up 51.18 points to 6,446.35, a 0.8 percent hike.

    The broader all shares index was up 25.61 points to 3,913.32, a 0.66 percent hike.
    Gainers edged losers 125 to 76 with 52 stocks unchanged. Trading turnover reached P5.04 billion.

    The peso closed at 48.631 to the dollar, down from 48.58 on Monday.

    The currency opened at 48.56 and hit a high of 48.55 and low of 48.645. Trading turnover reached $716.34 million.

    Claire Alviar, analyst at Philstocks Financial Inc., said the market took to bargain- hunting while riding on optimism from Wall Street’s overnight rally amid the decline in the US bond yields.

    “Trading was anemic, however, with net value turnover far below the year-to-date average of P10.05 billion. This shows many investors are staying on the sidelines amid uncertainties on the economy caused by our pandemic situation,” Alviar said.

    Foreign funds were net sellers worth P690.22 million.

    Most actively traded Ayala Corp. was down P10 to P726. SM Investments Corp. was up P2 to P963. Puregold Price Club Inc. was up P1.30 to P40. Ayala Land Inc. was up P0.50 to P34.30. BDO Unibank Inc. was up P1.60 to P105. Apollo Global Capital Inc. was up P0.019 to P0.197. Dito CME Holdings Inc. was up P0.04 to P9.84. Jollibee Foods Corp. was up P5.10 to P181. SM Prime Holdings Inc. was up P0.80 to P34.75. Converge Information and Communication Technology Solutions Inc. was up P0.04 to P19.04.