Although it didn’t manage to go back to the 6,000-point mark, the benchmark stock index was still able to break away from its three-day losing trend and went up for the first time this week.
The Philippine Stock Exchange index (PSEi) cut its three-day skid on Wednesday, rising by 0.38 percent, or 22.40 points to 5,908.41, while the wider all-shares index went up by 0.22 percent, or 7.80 points to 3,597.62.
“Market went up due to technical recovery and also, US [stocks]went up,” Elizabeth Abadillo, analyst at Angpin and Associates Securities Inc., said in a text message.
All the sectoral indices capped the mid-week session with minor gains. Holding firms increased by 0.66 percent, or 34.67 points to 5,314.78, while mining and oil had a 0.58-percent gain, or 77.49 points to 13,445.14.
Financials added 3.41 points, or 0.23 percent to 1,472.61, and services was slightly up by 4.92 points, or 0.27 percent to end at 1,829.91.
Industrial was flat with 0.04-percent increase, or 3.94 points to 8,719.94, while property ascended by 0.08 percent, or 1.73 points to 2,244.54.
Total value turnover didn’t increase much, ending at P5.7 billion. The gap between gainers and losers was thin, 75 to 59, while 58 were unchanged.
Some of the most actively traded stocks on Wednesday were Philippine Long Distance Telephone Co., Universal Robina Corp., GT Capital Holdings Inc., Alliance Global Group Inc., Puregold Price Club Inc., Metro Pacific Investments Corp., Metropolitan Bank and Trust Co., Ayala Land Inc., Leisure and Resorts World Corp. and Megaworld Corp.
On Tuesday, the local stock market went below the 6,000-point level after major markets failed to recover from the gloom brought about by the latest Federal Reserve tapering move.
The PSEi on Tuesday fell by 2.15 percent, or 129.29 points to 5,886.01, while the wider all-shares index declined by 1.82 percent, or 66.61 points to 3,589.82.