The local stock market escaped from its losing trend on Thursday even as investors started to get cautious on global developments.
After a two-day slump, the Philippine Stock Exchange index (PSEi) managed to recover and climbed by 1.12 percent, or 73.63 points to 6,648.35, while the wider all-shares index went up 1.11 percent, or by 44.47 points to 4,051.34.
The positive outlook of Accord Capital Equities Corp. analyst Jun Calaycay regarding the market few days back somehow manifested itself as the sectoral indices posted significant gains.
According to him, value turnover in the local market is stabilizing, which could be an indication that at the very least, selling pressure has dissipated enough to push the PSEi higher and putting a “safe” distance form the line that defines a technically bearish market.
Both property and services rose significantly by 2 percent and 2.06 percent, respectively, followed by the industrial counter, which registered a 1.26-percent increase. Holding firms, mining and oil, and financials were all slightly up.
Value turnover also showed a bit of an improvement after capping the day at P7.43 billion. Advancers also edged decliners, 109 to 35, while 46 issues were unchanged.
Some of the most actively traded stocks were the Philippine Long Distance Telephone Co., Universal Robina Corp., SM Investments Corp., Bank of the Philippine Islands, Alliance Global Group Inc., San Miguel Corp., Ayala Land Inc., Metropolitan Bank and Trust Co., Energy Development Corp. and Bloomberry Resorts Corp.
During the midweek, Philippine shares remained sensitive toward overseas movements and further shed some points on unappetizing development from the US corporate front and Federal Reserve.
The main index slid anew on Wednesday, falling slightly by 0.13 percent, or 8.83 points to end at 6,574.72, while the wider all-shares index decreased by 0.38 percent, or 15.28 points to end at 4,009.87.
Wednesday’s decline followed the losses registered on Tuesday.