Philippine Stock Exchange, Bonifacio Global City. | INQUIRER PHOTO/LYN RILLON

Local shares bounced back on Friday as investors hunted for lower-priced stocks after the bourse’s two-day losing streak.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) added 0.42 percent, or 30.44 points, to 7,314.23.

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Meanwhile, the broader All Shares Index climbed by 0.25 percent, or 9.88 points, to close at 4,017.27.

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A total of 729.88 million shares worth P4.2 billion changed hands as foreigners made net purchases worth P7.61 million, stock exchange data showed.

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Yesterday’s gain snapped two consecutive sessions in the red, as investors struggled to remain optimistic amid a lack of fresh catalysts.

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“The bourse bounced back as investors hunted for bargains,” said Japhet Tantiangco, senior analyst at Philstocks Financial Inc.

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Banks registered the biggest jump at 0.97 percent, driven mainly by Ayala-led Bank of the Philippine Islands, the top-traded stock as it rallied by 5.04 percent to P146 each.

It was followed by GT Capital Holdings Inc., up 0.78 percent to P714.50; BDO Unibank Inc., down 1.90 percent to P159.70; Metropolitan Bank and Trust Co., flat at P77; and SM Prime Holdings Inc., down 1.13 percent to P30.60.

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Other actively traded stocks were International Container Terminal Services Inc., up 0.93 percent to P412.80; Semirara Mining and Power Corp., down 0.30 percent to P33.65; Puregold Price Club Inc., up 2.01 percent to P33; Ayala Land Inc., down 0.57 percent to P34.80; and Globe Telecom Inc., up 0.62 percent to P2,274 per share.

Gainers outnumbered losers, 110 to 81, while 55 companies closed unchanged, stock exchange data also showed. INQ

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