Stocks mixed on bargain-hunting

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    Share prices ended mixed Wednesday bargain-hunting.

    The Philippine Stock Exchange index was up 41.49 points to 6,808.32, a 0.61 percent hike.

    The broader all shares index was up 3.4 points to 4,078.35, a 0.08 percent hike.

    Losers edged gainers 155 to 72 with 34 stocks unchanged. Trading turnover reached P11.07 billion.

    The peso closed at 48.60 to the dollar, down from 48.48 on Tuesday.

    The currency opened at 48.45 and hit a high of 48.43 and a low of 48.69. Trading turnover reached $1.01 billion.

    “The PSEi recovered further as buyers picked up shares of companies that took a beating at the beginning of the week,” said Chris Mangun, head of research at AAA Securities Inc.

    Mangun said sentiments improved slightly, “as panic selling was calmed by the fact new COVID-19 cases came in below the 3,000 mark yesterday.”

    “The slow recovery in employment for the month of January, emphasized the importance of not returning to a hard lockdown. The main index would have climbed higher if not for losses in blue chip bank stocks,” he added.

    Most actively traded Dito CME Holdings Inc. was down P3 to P9. International Container Terminal Services Inc. was up P0.80 to P128.40. Apollo Global Capital Inc. was down P0.045 to P0.165. Ayala Land Inc. was up P0.35 to P37.35. SM Investments Corp. was up P17 to P1,057. Premier Horizon Alliance Corp. was down P0.44 to P1.95. Ayala Corp. was steady at P779. Metropolitan Bank and Trust Co. was down P0.50 to P47.50. AC Energy Corp. was up P0.27 to P6.82.