THE stock market recovered from intra-day losses on Tuesday with the benchmark Philippine Stock Exchange index (PSEi) adding 0.14 percent or 12.48 points to end at 8,772.70.
The broader All Shares, meanwhile, rose 0.13 percent or 6.59 points to end at 5,129.79.
“The PSEi spent most of the day in the red, only to bounce back and close at 8,723. The choppy trading may be a reflection of investor caution…,” Papa Securities Corp. deputy research head Arabelle Maghirang said.
“[Fourth quarter] figures from Manila Electric Co., Semirara Mining and Power Corp., BDO Unibank, Inc., and Manila Water Co. all come out early next week and may turn out to be the pivotal force to push the PSEi out of its lull,” she added.
Telco stocks, meanwhile, were boosted as investors cheered draft guidelines issued by the Department of Information and Communications Technology (DICT) for selecting a third major player.
“At the forefront of today’s action was Now Corp., up 29 percent and once again the most heavily traded stock of the day. Fellow telco stocks Globe Telecom, Inc. and PLDT, Inc. were among the index’s top gainers, up by 2.6 percent and 1.6 percent, respectively,” Maghirang said.
Only the financials and industrial sectors registered declines at the close, down by 1.09 percent and 0.02 percent, respectively.
More than 3.47 billion issues valued at P7.8 billion changed hands.
Losers led winners, 116 to 95, while 53 issues remained unchanged.