Philippine shares bounced back to positive territory on Wednesday, helped by bargain hunting that broke a five-day losing streak.
The Philippine Stock Exchange index (PSEi) advanced by 0.83 percent or 60.83 points to 7,384.27, while the wider All Shares climbed by 0.70 percent or 29.64 points to 4,254.21.
Buyers found prices attractive at these levels quite attractive after days of losses that dragged the PSEi down to 7,300 mark, Jonathan Ravelas, BDO chief market strategist, said in a text message The Manila Times.
“It’s a technical bounce. Investors are bargain hunting,” Ravelas said.
“In the next few days, it could try trading at the 7,500 levels. Failure to test these levels may call for further losses to the 7,000 levels,” he added.
The mining and oil sector was the sole decliner among the sub-indexes. Leading the gains were the property and financials, up by 1.67 percent and 1.13 percent, respectively.
Philippine Long Distance Telephone Co. and DMCI Holdings were the biggest losers of the day. The gainers included Metropolitan Bank & Trust Co., Universal Robina Corp., GT Capital Holdings Inc., Ayala Land Inc., Globe Telecom Inc., Global Ferronickel Holdings Inc., BDO Unibank Inc., and Robinsons Retail Holdings Inc.
Advancers outnumbered decliners, 94 to 61, while 54 issues remained unchanged. Total volume reached 2.139 billion shares, valued at P6.2 billion.