Philippine shares bounced back along with most Asian markets on Wednesday as tensions in Ukraine began to ease after Russian President Vladimir Putin played down the prospect of war.
His comments, which sent the S&P 500 on Wall Street to a new record high, fueled buying in most markets in Asia.
The Philippine Stock Exchange index (PSEi) reclaimed 0.96 percent, or 61.54 points to end at 6,456.14, while the broader all-shares index rose 0.79 percent, or 30.46 points to 3,881.48.
“After two sessions of surrendering to the bears, the bulls took control from the get-go on substantially higher value turnover and increased activity. At the noon recess, advancers led decliners five-to-two,” said Jun Calaycay, analyst at Accord Capital Equities Inc.
Financials fell 0.79 percent, or 12.17 points to 1,561.12, while holding firms shed 0.78 percent, or 45.37 points to 5,876.70.
Services dropped by 1.12 percent, or 21.30 points to 1,923.18, while industrial dipped by 0.10 percent, or 10.22 points to 9,765.06.
But mining and oil gained 35.02 points, or 0.24 percent to 14,520.30, while property advanced 42.60 point, or 1.75 percent to 2,481.97.
The most actively traded stocks that registered gains on Wednesday were SM Prime Holdings Inc., Philippine Long Distance Telephone Co., Ayala Land Inc., SM Investments Corp., Universal Robina Corp., BDO Unibank Inc., Empe–rador Inc., JG Summit Holdings Inc., Metro Pacific Investments Corp. and Megaworld Corp.
Gainers beat losers, 116 to 64, while 33 issues were unchanged. Total volume traded increased to 1.7 billion shares, while value turnover reached P13 billion.
“Generally, the view on equities both here and abroad remains bullish. Every slide, even those of a fear-inducing magnitude, has been labeled a ‘correction’ rather than the stirrings of an oncoming bear. At least insofar as the Philippines is concerned, sentiment appears to be more subdued,” Calaycay said.
On Tuesday, the PSEi declined 0.20 percent, or 12.92 points, to settle at 6,394.60, while the wider all-shares index slipped 0.18 percent, or 6.86 points, to 3,851.02.