Pressured by a sluggish regional market trend, Philippine shares remained in the bear market territory despite a slight recovery on Wednesday.
The Philippine Stock Exchange index (PSEi) slightly recovered from a steep decline on Tuesday, gaining 0.04 percent, or 2.34 points to 5,888.74, while the wider all- shares index was left on the red side, losing 0.12 percent, or 4.20 points to 3,608.38.
“The PSEi swung between gains and losses as investors attempted to balance their fears and the relative bargains that may have emerged after a six-session slump,” Jun Calaycay, Accord Capital Equities Corp. analyst, said.
“Yet any desire to raise bets on a strong rebound in share prices may have been tempered by Moody’s warnings on the country’s credit rating. US stocks edged lower, alongside their European counterparts. Markets across the Asia Pacific shared the same mood,” he further said.
Except for financials and property, majority of the sectoral indices managed to make a minor recovery as well.
The property counter went down by 1.46 percent, or 32.64 points to close at 2,196.55, while financials lost 0.57 percent, or 8.20 points to 1,432.12.
Industrial, on the other hand, went up a bit by 0.67 percent, or 57.01 points to 8,601.25, while holding firms gained 0.31 percent, or 16.73 points to 5,426.37. Services also recovered, rising by 0.22 percent, or 4.11 points to 1,859.22, followed by mining and oil, which added 0.17 percent, or 20.67 points to 11,929.53.
Total value turnover ballooned to P78.5 billion with gainers still outnumbering losers, 54 to 96.
The most actively traded stocks on Wednesday were Philippine Long Distance Telephone Co., BDO Unibank Inc., Metropolitan Bank and Trust Co., GT Capital Holdings Inc., Universal Robina Corp., Ayala Land Inc., Alliance Global Group Inc., Megaworld Corp., SM Prime Holdings Inc., and DMCI Holdings Inc.
On Tuesday, Philippine stocks nearly erased all the gains it had since the start of this year, diving deeply to the 5,800-point level, a negative trend that is still being blamed on the effects of Super Typhoon Yolanda that made investors shy away slowly from the market.
The PSEi slipped heavily by 2.04 percent on Tuesday, or by 122.54 points to close at 5,886.40, while the broader all-shares index dipped 1.85 percent, or 68.22 points to 3,612.58.