PSEi rises as investors hunt for bargains

The Philippine Stock Exchange Index (PSEi) increased on Thursday as bargain hunters continued to seek undervalued stocks.

The PSEi climbed by 0.48 percent, or 30.52 points, to close at 6,378.86, while the broader All Shares Index also rose by 0.18 percent.

A total of 904.2 million shares worth P4.09 billion changed hands, with foreign outflows amounting to P163.58 million.

According to Luis Limlingan, head of sales at Regina Capital Development Corp., the market rise was driven by investors hunting for lower-priced stocks following the previous week's significant declines.

Banks experienced the highest gains, whereas services-related firms saw the steepest drop.

International Container Terminal Services Inc. was the top-traded stock, although its price slipped by 1.22 percent.

BDO Unibank Inc. was the second most actively traded stock, with its share price increasing by 3.58 percent.