The local stock market snapped its three-day losing streak, posting slight gains amid bargain-hunting activities.
The benchmark Philippine Stock Exchange index inched up by 0.16 percent or 9.46 points to finish yesterday’s session at 6,093.53.
The broader All Shares index, on the other hand, remained in the loss column, slipping by 0.11 percent or 4.07 points to 3,657.85.
‘The local market bounced back from a three-day decline as bargain hunting prevailed,’ Philstocks Financial research manager Japhet Tantiangco said.
Tantiangco said that positive cues from Wall Street also helped in yesterday’s rebound.
Total value turnover improved to P5.24 billion from the previous day’s P3.65 billion.
However, Tantiangco said that trading was still considered anemic as many investors stayed on the sidelines amid lingering uncertainties.
Sectoral gauges were dominated by those in the red, with mining and oil posting the biggest drop at 2.96 percent.
Services and industrial indexes, meanwhile, recorded increases of 1.10 percent and 0.38 percent, respectively.
Market breadth remained negative as decliners crushed advancers, 127 to 84, while 47 issues were unchanged.
ICTSI was still the most actively traded stock, climbing by 2.04 percent to P550 per share, followed by Ayala Land which fell by two percent to P22 and JG Summit which surged by 3.75 percent to P24.90.