Shares up on bargain-hunting

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    Share prices ended higher Wednesday on bargain- hunting.

    The Philippine Stock Exchange index (PSEi) was up 23.22 points to 6,942.76, a 0.34 percent hike.

    The broader all shares index was up 6.84 points to 4,186.76, a 0.16 percent hike.

    Losers edged gainers 125 to 101 with 40 stocks unchanged. Trading turnover reached P34.09 billion, including the P24.2 -billion consolidation of the Tancaktiong family’s stake in Jollibee.

    The peso closed at 48.48 to the dollar, up from 48.565 on Tuesday.

    The currency opened at 48.48 and hit a high of 48.45 and a low of 48.62. Trading turnover reached $1.09 billion.

    Claire Alviar, analyst at Philstocks Financial Corp., said the market’s uptick was driven by “last-minute bargain.”

    “For most of the day (however), the market was dominated by selling pressures brought by COVID-19 concerns amid the increase in cases with the more ineffective variants, inflation expectations and dismal bank lending data,” she said.

    Most actively traded Abra Mining and Industrial Corp. was down P0.0008 to P0.0046. Dito CME Holdings Corp. was up P0.66 to P15.72. Premier Horizon Alliance Corp. was down P0.18 to P2.95.

    Apollo Global Capital Inc. was up P0.07 to P1.18. BDO Unibank Inc. was down P0.30 to P109. Basic Energy Corp. was up P0.07 to P1.18. AC Energy Corp. was up P0.06 to P7.22.

    PLDT Inc. was down P9 to P1,291. SM Prime Holdings Inc. was down P0.20 to P37.