St rebound 8,000 pts seen within striking distance
Philippine shares rebounded on Thursday from a four-day decline as bargain-hunters seized a chance to get back into the market following Wall Street’s rebound overnight, driving the main index within striking distance of 8,000 points before paring gains at the close.
After reaching 7,916 points in late-session trade, the benchmark Philippine Stock Exchange index (PSEi) finished up 0.75 percent or 59.02 points at 7,892.05. The wider All Shares index gained 0.89 percent or 39.73 points at 4,518.72.
“Bargain-hunting pushed the market off the lows but some profit-taking took place above 7,900—that caused it to close below the 7,900 level,” Jonathan Ravelas, chief market strategist at BDO, said.
Buyers also took a cue from Wall Street’s positive performance, pushing the Dow Jones Industrial Average up 88.68 points, S&P 500 up 10.67 points and Nasdaq up 21.07 points.
Ravelas expects the market to climb higher in the next trading days as “first-quarter earnings should help [the index]go back up to 8,000 points.”
Mining and oil led the advance among the indices, with a 1.75-percent gain.
Metropolitan Bank and Trust Company was the sole loser among the most actively traded companies. Top stocks on the positive side were SM Prime Holdings Inc., Universal Robina Corp., GT Capital Holdings Inc., SSI Group Inc., Philippine Long Distance Telephone Company, BDO Unibank Inc., Megaworld Corp., Aboitiz Power Corp., and Security Bank Corp.
Total trade volume stood at 600 million shares, valued at P6 billion. Advancers outnumbered decliners 113 to 64, while 50 stocks closed unchanged.
On Wednesday, the PSEi lost 13.91 points or 0.18 percent to end at 7,833.03, while the broader All Shares index shed 7.09 points or 0.16 percent to 4,478.03.