Bargain hunters snapped the local bourse’s seven-session losing streak to end the trading week in the green63win, with the bourse finally making a comeback and closing near the 6,700 level.
By the closing bell on Friday, the benchmark Philippine Stock Exchange Index (PSEi) rallied by 1.82 percent, or 119.56 points, to close at 6,676.65.
READ: Asian markets fluctuate at end of tough week
Article continues after this advertisementLikewise, the broader All Shares Index climbed by 2.50 percent, or 92.18 points, to close at 3,772.80.
FEATURED STORIES BUSINESS To the trade secretary, please save our bananas BUSINESS Experience holiday joy at Met Park’s festive estate BUSINESS DoubleDragon eyes first industrial REIT IPO in 2025A total of 447.1 million shares worth P6.77 billion changed hands, stock exchange data showed.
This marks a turnaround for the local stock barometer after it plunged by more than 13 percent in a little over a month following Donald Trump’s victory.
Article continues after this advertisementThe US president-elect is expected to increase import tariffs, a move that is seen to hurt equities and increase interest rates.
Article continues after this advertisement OversoldLuis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi was lifted by investors buying into the “oversold index.”
Article continues after this advertisementOnly the conglomerates failed to launch a comeback due to declines in index heavyweights SM Investments Corp. (down 0.11 percent to P875) and Ayala Corp. (down 0.81 percent to P615).
BDO Unibank Inc. was the most actively traded stock as it gained by 2.75 percent to P141.9. It was followed by Ayala Land Inc., up 0.87 percent to P29.05; International Container Terminal Services Inc., up 0.79 percent to P383; Ayala; and SM Investments.
Article continues after this advertisementOther actively traded stocks were Bank of the Philippine Islands, up 3.70 percent to P140; GT Capital Holdings Inc., down 2.30 percent to P615; SM Prime Holdings Inc., up 3.45 percent to P27; PLDT Inc., up 3.38 percent to P1,344; and Jollibee Foods Corp., up 0.78 percent to P260 each.
Gainers overpowered losers, 146 to 56, while 52 companies closed unchanged, stock exchange data showed. —Meg J. Adonis
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