Stocks rise on bargain-hunting

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    Share prices ended higher Thursday on bargain-hunting.

    The Philippine Stock Exchange index (PSEi) was up 64.02 points to 6,630.85, a 0.98 percent hike.

    The broader all shares index was up 40.31 points to 4,005.09, a 1.02 percent hike.

    Gainers edged losers 149 to 64 with 41 stocks unchanged. Trading turnover reached P8.85 billion.

    The peso closed at 48.58 to the dollar, down from 48.725 on Wednesday.

    The currency opened at 48.64 and hit a high of 48.62 and a low of 48.72. Trading turnover reached $748.3 million.

    SB Equities Inc. said the market “advanced in step with the region on Thursday as investors cheered the Fed’s dovish stance and projection of a faster ramp-up in US economic growth this year.”

    “Despite foreign outflow extending to 22 straight days and local fresh coronavirus infections registering over 4,000 for a sixth straight day, the PSEi traded in the green all session,” it noted.

    Foreign funds were net seller of P397.96 million.

    Most actively traded Dito CME Holdings Corp. was down P0.12 to P10.52. Bank of the Philippine Islands was down P2.15 to P85.95. Ayala Land Inc. was up P0.35 to P36. Prime Media Holdings Corp. was down P0.97 to P3.23. BDO Unibank Inc. was up P2.20 to P106.

    SM Investments Corp. was down P18 to P987. Puregold Price Club Inc. was up P1.80 to P36.20. PLDT Inc. was down P23 to P1,290. SM Prime Holdings Inc. was up P1.30 to P36.30.