Bargain hunting lifts PSEi back to 6,100

MANILA, Philippines —  The local stock market pulled off a win despite the continued depreciation of the peso and the country’s unemployment rate hitting a four-year high in July, as investors opted to capitalize on cheap valuations instead.

The bellwether Philippine Stock Exchange index climbed back to the 6,100 level, advancing by 0.37 percent or 22.31 points to close at 6,105.99

The broader All Shares index likewise grew by 0.17 percent or 5.62 points to 3,384.57.

Philstocks Financial said the local market advanced as investors hunted for bargains.

It said buying on index heavyweight ICTSI, the day’s top index gainer, gave the market a boost, while net foreign inflows worth P164.54 million sustained the climb.

However, it said sentiment remained cautious as reflected in the day’s trading volume.

Trading remained thin even as total value turnover improved to P4.39 billion from the previous day’s P3.89 billion.

“PSEi held 6,100, but late fading and light turnover point to low conviction, likely reflecting the US long weekend. ICTSI drove the rebound, with the ex-ICT PSEi still below 6,100,” AB Capital Securities said.

“Record-low peso and Brent nearing $100 per barrel continue to cap upside,” it said.

Sectors were mixed, with those in the red with the slight advantage. Services posted the largest gain at 1.81 percent, while financials lost the most at 0.78 percent.

Decliners crushed advancers, 102 to 89, while 71 stocks were unchanged.

ICTSI was the most actively traded stock, jumping by 2.52 percent to P957 per share. It was followed by BDO Unibank, which inched down by 0.08 percent to P120, and Atlas Mining, which surged by 10.82 percent to P23.05.