Stocks rebound on bargain-hunting after GDP rout

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Philippine shares bounced back after bargain-hunters returned to the market late Friday, days after the market started getting dragged by speculation about a US interest rate hike as well as domestic factors such as Thursday’s announcement that economic growth has hit its slowest pace in more than three years in the first quarter of 2015.

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The Philippine Stock Exchange index (PSEi) closed with a 1.005 percent or 75.43 points gain at 7,580.46, while the All-Shares index inched up 0.83 percent or 36.02 points to 4,360.81.

“Modest gains were seen in today’s trading after the previous session’s retreat [to as low as 7,400 intraday, which was]spurred by the prospect of the US Fed hiking rates this year,” Jason Escartin, investment analyst at online brokerage firm 2TradeAsia.com, said.

“Some firms trading at a discount with respect to their fundamentals, such as select blue chips, presented an opportunity to bargain-hunters ahead of a new slew of data in the coming week,” he added.

Of the sectoral indices, only financials slipped, losing 0.24 percent, while the others advanced, led by the property sector with a gain of 80.97 points or 2.67 percent.

The entire list of actively traded stocks finished on the green side, including GT Capital Holdings Inc., Universal Robina Corp., BDO Unibank Inc., Robinsons Retail Holdings Inc., Ayala Land Inc., Manila Electric Company, Security Bank Corp., SM Investments Corp., JG Summit Holdings Inc., and Megaworld Corp.

Trade volume reached 1.03 billion, valued at P7.58 billion. Advancers far outnumbered decliners 107 to 61, while 40 issues finished unchanged.

On Thursday, the bellwether PSEi dropped 1.23 percent or 93.67 points to 7,505.03, while the broader All-Shares index dipped 0.97 percent or 42.40 points to 4,324.79.

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