The sell-off from a Donald Trump win on Wednesday has encouraged investors to hunt for bargains on Thursday, boosting Philippine shares by more than 60 points.
Despite reaching the 7,200 mark earlier in the day, the main Philippine Stock Exchange index (PSEi) closed the session with tempered gains at o 7,181.87, up 0.88 percent or 62.83 points. The wider All Shares rose by 0.93 percent or 39.91 points at 4,322.26.
Anton Alfonso, research analyst at RCBC Securities Inc., said the market bounced back from the impulse-selling on Wednesday which indicates the market condition remains volatile.
“Despite the 4.02 percent drop on Wall Street last night, the PSEi is up … [as]the Dow and S&P 500 were both up more than 1 percent last night following Trump’s victory in the US presidential elections while Tokyo rebounded strongly earlier in the morning,” Alfonso noted.
“Today’s spike was only a knee-jerk reaction to gains in global equity markets … given the PSEi’s 2.58 percent plunge yesterday,” he added.
The sectoral counters were all in green territory led by the 2.84 percent advance in the Services index.
Ayala Land Inc. was the sole loser among the actively traded stocks. Universal Robina Corp., Ayala Corp., Metrobank, and International Container Terminal Services Inc. posted gains.
Over 1.55 billion shares changed hands, valued at P7.2 billion. Advancers outnumbered decliners, 135 to 56, while 45 shares traded unchanged.
After the shock from Donald Trump’s win in the US elections, the PSEi on Wednesday dropped 2.58 percent or 188.76 points at 7,119.04, while the broader All Shares fell by 1.88 percent or 81.87 points at 4,282.35.