Philippine shares ended a losing streak on Thursday as investors bought bargain stocks oversold the past few days, in line with the global markets’ energy sector-led rebound in reaction to the Organization of Petroleum Exporting Countries’ (OPEC) move to cut oil output.
The main Philippine Stock Exchange index closed 1.23 percent or 83.67 points higher at 6,864.87, after surging to an intraday high of 6,943.20. The broader All Shares index gained 0.92 percent or 38.06 points to 4,158.53.
Asian stocks were mostly up as markets cheered a decision by OPEC, including non-member Russia, to cut production levels starting in January 2017 to prop up global crude prices.
Anton Alfonso, research analyst at RCBC Securities Inc., said the PSEi bounced back from the 6,700 levels – a much needed rebound.
“The PSEi needs to rebound, and rebound strongly, today to prevent a confirmation of a breakdown below the major 6,800-support,” he said during the trading session. “Having surpassed the 6,900 levels today, the next resistance lies at 7,115.”
The Industrial sector registered the lone sub-index loss, while the rest of the market posted gains.
Actively traded stocks were Ayala Land Inc., PLDT Inc., Metro Pacific Investments Corp. SM Prime Holdings Inc. and Security Bank Corp.
Trade volume reached 2.31 billion shares, valued at P9.36 billion. Gainers outpaced losers, 121 to 64, while 37 issues were unchanged.
The market was closed on Wednesday for Bonifacio Day, a national holiday.
On Tuesday, the PSEi lost 0.65 percent or 44.20 points at 6,781.20, while the All Shares dropped 0.64 percent or 26.45 points to 4,120.47.