Stocks up on bargain-hunting

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    Share prices ended higher Wednesday as investors took to bargain hunting ahead of the US Fed meeting.

    The Philippine Stock Exchange index (PSEi) was up 50.23 points or by 0.65 percent to 7,786.41.

    The broader all shares index was up 13.65 points or by 0.3 percent to 4,623.66.

    Gainers edged losers 98 to 86 with 53 stocks unchanged.

    Trading turnover reached P5.29 billion.

    The peso closed at 50.81 to the dollar, down from 50.735 on Tuesday.

    The currency opened at 50.70, hit a high of 50.695 and a low of 50.87.

    Trading turnover reached $782.8 million.

    “Investors switched back to Philippine equities, as others waited for the looming December 15 tariff deadline (on China goods),” said Luis Limlingan, managing director at Regina Capital Development Corp.

    “Market jitters left Wall St. in the red last night as a result. Nevertheless, the Asian bourses still managed to edge marginally higher ahead of the US Federal Reserve meeting,” Limlingan added.

    Most actively traded Metro Pacific Investments Corp. was down P0.48 to P3.19. DMCI Holdings Inc. was down P0.79 to P5.11. SM Prime Holdings Inc. was up P1.05 to P41.95.

    Ayala Land Inc. was up P0.20 to P45.45. Ayala Corp. was down P25 to P790. SM Investments Corp. was up P17 to P1,068. Philippine Seven Corp. was down P9.50 to P149.40. BDO Unibank Inc. was down P2 to P157.90. Alliance Global Group Inc. was up P0.02 to P11.10.