Bargain Hunting Fuels PSE Turnaround

PHStocks 29/08/2013 0 Comments ABS-CBN, AGI, Alliance Global, Asia Amalgamated, ATN, Ayala, BDO, Cebu Holdings, Citystate Savings Bank, Cyber Bay, GLOBALPORT, GT Capital, GTCAP, Information Capital, Island Information, Lorenzo Shipping, LT Group, LTG, MBT, Megawide, Melco, Metro Pacific Investments, Metrobank, Millenium Global, Nextstage, Philippine Seven, PhilWeb, PLDT, SM Investments, Suntrust, Wellex

Manila—(PHStocks)—Philippine stocks recover Thursday, 29 August, as investors hunt for bargains after massive sell-offs early in the week. The benchmark Philippine Stock Exchange index (PSEi) closed today’s trading at 5,944.21, up by 3.59% or 206.15 points.

All counters are back in the green, led by the Property segment, which gained 4.64%. The Holding Firms sector went up by 4.54%, while the Financials posted a 4.35% growth. The wider All Shares index increased by 3.23%.

Trading was heavy. Value turnover reached PhP9.7 billion on 1.3 billion shares traded. There were 117 gainers against 38 losers, while 34 stocks remained flat.

The most active stocks today include SM Investments Corp. (SM, PhP661.00, 4.26%), BDO Unibank Inc. (BDO, PhP73.30, 7.48%), Alliance Global Group Inc. (AGI, PhP24.65, 6.02%), Philippine Long Distance Telephone Co. (TEL, PhP2,800.00, 0.36%), Metropolitan Bank & Trust Company (MBT, PhP80.20, 4.84%), Ayala Land Inc. (ALI, PhP25.65, 5.12%), GT Capital Holdings Inc. (GTCAP, PhP780.00, 13.04%), LT Group Inc. (LTG, PhP18.00, 12.5%), Ayala Corp. (AC, PhP532.00, 6.4%), and Metro Pacific Investments Corp. (MPI, PhP5.00, 3.52%).