The technical bounce that occurred on Monday brought back more investors to the stock market, driving Philippine shares to a relatively buoyant trading on Tuesday.
“Investors jumped into the market after the recent test below 6,400 [points]as support emerged as the 6,380 levels held on. This caused investors to get back into the market,” Jonathan Ravelas, BDO Unibank Inc. chief market strategist, said in a text message.
“A move back above 6,750 is needed to put the bulls back to play,” he added.
The Philippine Stock Exchange index ended in the green side on Tuesday, rising by 1.72 percent, or 110.81 points to 6,554.62.
The wider all-shares barometer managed to climb by 1.42 percent, or 55.69 points to 3,992.61.
For the sectoral indices, a lot performed impressively with industrial surging 2.62 percent, or 250.88 points to 9,841.67, and holding firms ascending by 1.73 percent, or 100.67 points to 5,932.54. Property also went up 1.57 percent, or 39.54 points to 2,562.33.
Although ending in the green, services, financials, and mining and oil registered advances of less than 1 percent.
Total value turnover stood at P7.43 billion after advancers widened its gap against decliners, 98 to 49. Forty-five issues were unchanged.
Some of the most actively traded stocks were Metropolitan Bank and Trust Co., Philippine Long Distance Telephone Co., SM Investments Corp., Universal Robina Corp., Ayala Land Inc., Alliance Land Inc., Alliance Global Group Inc., Megaworld Corp., SM Prime Holdings Inc., Manila Electric Co. and Security Bank Corp.
Philippine shares welcomed this week in the green with a “technical bounce.” The PSEi concluded Monday trading 0.62-percent higher, or 39.58 points to 6,443.81. Meanwhile, the wider all-shares barometer improved by 0.47 percent, or 18.29 points to 3,936.92.