Philippine share prices rebounded on Thursday, following a three-day downtrend that drove select stocks into bargain territory.
The benchmark PSEi rose by 0.63 percent or 47.97 points to 7,667.07, while the broader All Shares climbed 0.51 percent or 23.18 points to 4,565.53.
Lexter Azurin, assistant vice president and research head of Unicapital Securities Inc., said the bounce was driven by “bargain hunting, since we’ve been down already for the past few days and some investors took advantage of it.”
However, the downtrend may continue in the absence of market-lifting catalysts in the face of high valuations that are prompting foreign investors to scout for other markets with attractive prices.
“It seems like we may still have a downward bias on lack of catalyst. Also, valuations aren’t justified at these levels,” Azurin said.
The volume turnover reached 1.35 billion shares, valued at P8.99 billion. Advancers outnumbered decliners, 94 to 85, while 50 issues closed unchanged. Net foreign selling amounted to P5.72 billion.
On Wednesday, the PSEi lost 100.08 points or 1.30 percent 7,619.10, while the All Shares declined by 51.49 points or 1.12 percent to 4,542.35.