BARGAIN HUNTERS LIFT STOCKS, PSEI CLOSES AT 6,722

Local stocks ended higher after a volatile session yesterday as bargain hunters stepped into the scene.

The benchmark Philippine Stock Exchange index (PSEi), which slipped to as low as 6,722 yesterday, closed up 0.5 percent, or 33.9 points, to 6,836.64. The broader All-Shares index was also up 0.26 percent to 4,149.1.

Subsectors closed mixed and PSEi volume was still relatively low.

Losing subindices were led by financials, down 1.11 percent; property, down 0.77 percent, and industrial, down 0.32 percent. Gainers were led by services, up 1.87 percent, and holding firms, higher by 1.52 percent.

A total of 1.02 billion shares valued at P6.67 billion changed hands. Decliners outnumbered losers, 110 to 71, while 38 companies closed unchanged, data from the PSE showed.

Ayala Land Inc. was the most actively traded yesterday, as it sank 3.16 percent to P30.60 a share.

It was followed by Metropolitan Bank and Trust Co., down 4.46 percent to P70.70; SM Investments Corp., up 1.93 percent to P634.50; SM Prime Holdings Inc., up 0.76 percent to P26.50, and Globe Telecom, up 0.07 percent to P1,421 a share.

Other actively traded companies were GT Capital Holdings Inc., up 4 percent to P1,165; Ayala Corp., down 0.89 percent to P725; BDO Unibank Inc., up 0.18 percent to P111.10; Universal Robina Corp., up 1.14 percent to P178, and Security Bank Corp., down 4.5 percent to P189.50 a share.