Stocks rise on bargain-hunting

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    Share prices ended higher Monday on bargain-hunting

    The Philippine Stock Exchange index (PSEi) was up 63.15 points to 6,607.78, a 0.96 percent hike.

    The broader all shares index was up 20.30 points to 3,988.09, a 0.51 percent hike.

    Losers edged gainers 116 to P97 with 44 stocks unchanged. Trading turnover reached P7.27 billion.

    The peso closed at 48.415 to the dollar, up from 48.49 on Friday.

    The currency opened at 48.47 and hit a high of 48.415 and a low of 48.51. Trading turnover reached $576.4 million.

    SB Equities said the market’s uptick was due to bargain-hunting after the market initially traded lower in the early session.

    “With fears over surging domestic COVID-19 infections and an economic hit form the stricter ECQ (enhanced community quarantine)  helping see the PSEi fall as much as 1.7 percent early in the session, bargain hunting saw losses pared and the market swing to finish,” it said.

    SB Equities said investors “picked up select blue chips while taking positively the President’s singing into law of the CREATE  (Corporate Recovery and Tax Incentives For Enterprises) Act.”

    Most actively traded DDMP REIT Inc. was down P0.01 to P2.23. BDO Unibank Inc. was up P1 to P106. Universal Robina Corp. was down P1.50 to P132.50. Ayala Land Inc. was up P0.65 to P35.65. GMA Network Inc. was up P1.47 to P8/95. Jollibee Foods Corp. was up P0.80 to P175.70. SM Prime Holdings Inc. was up P1.05 to P37.05. Bank of the Philippine Islands was up P2.10 to P84.60. Dito CME Holdings Corp. was down P0.20 to P10.22. International Container Terminal Services Inc. was down P0.40 to P124.10.