PHILIPPINE stocks rose on bargain-hunting on Thursday as investors took their cue from the rise in regional markets, pushing the main Philippine Stock Exchange index (PSEi) back above 7,800 points.
The PSEi advanced 49.12 points or 0.63 percent to close at 7,839.82, while the wider All Shares index rose 0.60 percent or 26.92 points to 4,550.54.
Justino Calaycay Jr. of Accord Capital Equities Corp. said the local market recovered as it “tracked its peers in the region,” shrugging off the losses on the US markets.
Wall Street declined for a second consecutive session on Wednesday, with the Dow Jones Industrial Average losing 27.55 points, the S&P 500 dropping 3.92 points, and the Nasdaq shedding 9.85 points.
Calaycay said investors buying food-related, conglomerates, and property stocks pushed the PSEi in the afternoon session.
But the advance was tempered by a 2.91-percent slide in Philippine Long Distance Telephone Co. (PLDT).
Bryan Gomez, co-head of investments at Citisecurities Inc., said the market correction in the past two weeks had been “constructive and shallow,” paving the way for more upside for the equities index.
“With Ayala Corp. breaching new six-month highs, we hope the market can resume another leg of an uptrend. But in the next few days, our eyes are peeled on what will happen to the US dollar, if it will cause volatility in the global markets,” Gomez said in a text message.
Only the services and mining and oil indices were down among the sectoral counters, while the rest advanced, led by the 1.98-percent gain in property stocks.
Among the most actively traded stocks, only Global Ferronickel Holdings Inc. and PLDT ended in the red, while top advancers were Metropolitan Bank and Trust Company, Alliance Global Group Inc., Ayala Corp., Ayala Land Inc., Energy Development Corp., BDO
Unibank Inc., GT Capital Holdings Inc. and Universal Robina Corp.
Total volume reached 1.26 billion shares, valued at P8.8 billion. Gainers outnumbered losers 105 to 65, while 39 issues were unmoved at the close.
On Wednesday, the PSEi fell 0.48 percent or 37.78 points to 7,790.70, while the broader All Shares index dropped 0.66 percent or 30.15 points to 4,523.62.