SHARE prices recovered from intra-day losses on Thursday with the benchmark Philippine Stock Exchange (PSEi) ending the day up 0.17 percent or 14.33 points to close at 8,612.44.
The wider All Shares inched up by 0.06 percent or 2.80 points to finish at 5,075.60.
“Investors bought AC (Ayala Corp.) and MPI (Metro Pacific Investments Corp.) up at the close, lifting the index above the 8,600 level once more,” Papa Securities Corp. research head Ramon Vicente Kabigting said.
At the closing bell, Ayala was up 5.29 percent or P55 to P1,095 apiece while Metro Pacific grew 4.46 percent or P0.25 to finish at P5.85.
Kabigting said the local market mirrored regional counterparts in shrugging off greater-than-expected inflation in the US, which raised expectations that the US Federal Reserve would accelerate the pace of planned interest rate hikes.
A Regina Capital Development Corp. analyst, meanwhile, said investors also took advantage of buying opportunities.
Sectoral results were mixed on Thursday with the services, property and financial indices posting declines.
Over 2.1 billion issues valued at P10.68 billion were traded.
Decliners led advancers, 147 to 68, while 42 issues remained unchanged.