Philippine shares rebounded from a two-day decline and climbed on extensive bargain hunting, triggered by positive earnings results from 2016 that have begun to trickle in.
The benchmark PSEi rose 108.95 points or 1.52 percent to 7,283.25, while the All Shares gained 45.54 points or 1.05 percent to 4,401.79.
“The market rebounded from a two-day decline, fueled by good corporate earnings by some index stocks,” Aristotle Reyes, Jr., trader at UPCC Securities Corp., said.
“But you have to note that some of the drivers for today are stocks that were recently battered by the drop,” Reyes added.
Ralph Christian Bodollo of RCBC Securities Inc. noted that market-lifting news from US markets helped buoy Philippine share prices.
“Following record-high closes on Wall Street, the Philippine market firmed up to erase all losses for the week.”
Buying came mostly from foreign funds, supporting Ayala Land Inc., due to the company’s favorable earnings. Ayala Land posted a 19 percent increase in net income to P20.9 billion in 2016. Net foreign selling totaled P506 million.
The sectoral indices closed in green territory, led by a 1.68 percent gain in the Financials index.
Among the most actively traded stocks, Ayala Land, Jollibee Foods Corp., JG Summit Holdings Inc. and Metropolitan Bank and Trust Company registered gains. GT Capital Holdings Inc., however, posted a loss.
More than 2.28 billion shares valued at P7.6 billion were traded. Gainers outnumbered losers, 113 to 75, while 48 issues closed unchanged.