PSEi up 0.38% on bargain hunting

PSEi up 0.38% on bargain hunting

Manila, Philippines – The Philippine Stock Exchange index (PSEi) was back in the green at the close of the week as investors scooped up cheaper stocks after Thursday’s losses.

The bellwether index ended up 0.38 percent at 6,315.93.

All counters gained, save for mining and oil.

“Last minute bargain hunting brought the local bourse to a positive close,” PhilStocks Financial said in a note to investors.

“For the most part of the day, the market was down as hopes for a rate cut by the Federal Reserve were tempered by the US’ higher-than-expected July producer price inflation,” it added.

Investors also digested second quarter data on foreign investment pledges which posted a 64 percent decline.

Trading was active with net value turnover at P9.66 billion, higher than the year-to-date average of P5.95 billion. Foreigners were net sellers with net outflows at P514.88 million.

Shares in DigiPlus Interactive Corporation [PSE: PLUS] recovered to end trade with an 8 percent gain at P26 each, but not enough to recoup Thursday’s losses triggered by a Senate hearing on casino regulations.

Outgoing PSEi member Bloomberry Resorts Corporation [PSE: BLOOM] was the top index gainer, adding 9.09 percent at P3.60 per share. San Miguel Corporation [PSE: SMC] lost 7.11 percent to settle at P55.55 apiece.

NewsWatch Plus Business News Anchor Lois Calderon contributed to this story.