The stock market staged a rally on Friday following a two-day break for the Asia Pacific Economic Cooperation (APEC) summit, with investors taking advantage of low share prices.
The Philippine Stock Exchange index (PSEi) gained 107.43 points or 1.57 percent to close at 6,932.81, while the All Shares index added 53.78 points or 1.36 percent to 4,001.22.
“Just bargain hunting after a long string of weakness,” said BDO chief market strategist Jonathan Ravelas of the market’s rise after dropping to 6,700 territory on Monday in the wake of the terror attacks in Paris.
Tuesday saw a slight recovery, by 0.78 percent or 52.46 points to 6,825.38 for the PSEi and 0.84 percent or 33.01 points to 3,947.44 for the All Shares index.
Next week should see the market keeping within 6,800 to 7,000 levels, Ravelas said, adding: “My bias remains for a retest of the 6,800 levels.”
Mining and oil was the lone decliner among the sub-indices, dropping by 1.15 percent or 126.79 points. The rest advanced, led by property that jumped by 2.66 percent or 76.57 points.
Total volume traded stood at 555.06 million shares valued at P5.97 billion. Advancers outnumbered decliners at 108 to 60, while 47 issues did not move.