The local equities market still managed to recover from its decline on Wednesday with sentiments somehow supported by Wall Street’s run-up.
Astro del Castillo, First Grade Finance managing director, said in a phone interview that the market remains sluggish.
“Market is still on a consolidation mode with downward bias. [Investors are] still waiting for the result of the company earnings,” Elizabeth Abadillo, analyst at Angping and Associates Securities Inc., said.
However, del Castillo pointed out that 6,300-point mark still proves to be a good support, given that there’s not much market-moving news on the local side.
The Philippine Stock Exchange index (PSEi) closed the Thursday session a bit higher with 0.11-percent increase, or 6.92 points to 6,327.88, while the broader all-shares index went up by 0.11 percent, or 4.14 points to 3,864.74.
Except for services and property, majority of the sub-indices managed to make gains, although those gains were flat.
Property went down 0.91 percent, or 23.41 points to 2,540.31, while services capped the day with a 0.08-percent drop, or 1.59 points to close at 1,969.23.
Mining and oil, on the other hand, advanced by 0.87 percent, or 104.23 points to 12,080.29, followed by industrial, which went up by 0.74 percent, or 67.24 points to 9,149.37.
Financials also improved, slightly going up by 0.64 percent, or 9.69 points to 1,527.01, while holding firms increased by 0.22 percent, or 12.46 points to 5,766.20.
Total value turnover on Thursday was thin at P6.3 billion, with losers slightly edging gainers, 78 to 74.
Some of the most actively traded stocks were Alliance Global Group Inc., Megaworld Corp., LT Group Inc., Universal Robina Corp., SM Prime Holdings Inc., Manila Electric Co., Robinsons Retail Holdings Inc. and SM Investments Corp.