Philippine shares marked technical gains on Tuesday, the first trading day of 2017, bouncing on the back of bargain-hunting from early session dumping on a market seeking direction but finding no leads except the uncertainty in the year ahead.
After hitting an intraday low of 6,747 points, the benchmark Philippine Stock Exchange index (PSEi) rebounded and closed with a gain of 0.30 percent or 20.67 points at 6,861.31.
Trading volume was thin at 664.206 million shares, valued at P2.62 billion.
“Value turnover was at one of its lowest in recent trading periods,” Luis Limlingan, managing director at Regina Capital Development Corp., said.
As of the end of the morning session, the PSEi was down 1.15 percent, or 78.80 points, at 6,761.84.
“People were selling down in the morning session because they didn’t know it would finish strong afterwards … Then, investors went on bargain-hunting mode, while the US markets were still on holiday,” he added.
For the rest of the week, trading may show a “slight downward bias due to a lack of volume support during the last three trading days,” Limlingan forecast.
After a weak start, Tuesday’s trade ended with advancers outnumbering decliners, 89 to 79, while 42 issues closed unchanged.
The most actively traded stocks of the day closed mixed, with Ayala Corp., Metro Pacific Investments Corp., BDO Unibank Inc., and Bank of the Philippine Islands all down, while Globe Telecom Inc., PLDT Inc., Pilipinas Shell Petroleum Corp., and Jollibee Foods Corp. posted gains.
On the last trading day of 2016 on December 29, the bellwether PSE index dipped 0.09 percent or 5.80 points to finish at 6,840.64, while the wider All Shares index added 0.14 percent or 5.90 points to 4,156.07.
The market resumed trading on Tuesday after closing for the holiday weekend and for a special non-working holiday on Monday.