Philstar
Stocks bounce back on bargain hunting
The Philippine Stock Exchange Index (PSEi) surpassed the 6,000 mark on Monday, driven by bargain hunting and positive corporate earnings.
The benchmark PSEi gained 0.65 percent, or 39.22 points, closing at 6,037.19, thus ending a two-day losing streak.
Active trading was observed with a value turnover of P6.19 billion, exceeding the year-to-date average, and foreign investors made net purchases amounting to P293.79 million.
Research head Japhet Tantiangco attributed the index's rise to investors seeking undervalued stocks after recent declines and optimism stemming from satisfactory full-year earnings reports.
Conglomerates experienced a rally, led by a 5.62 percent increase in SM Investments Corp., which closed at P808 per share.
However, International Container Terminal Services Inc. declined by 2.8 percent to P340, impacting the services subsector.
BDO Unibank Inc. was the most traded stock, although it saw a decrease of 2.33 percent to P146.50.
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