The local stock market yesterday bounced back after Wednesday’s significant drop as investors picked up bargains.
The benchmark Philippine Stock Exchange index rose by 0.38 percent or 23.09 points to cap off the session at 6,053.96.
The broader All Shares index likewise ended in positive territory, increasing by 0.28 percent or 10.2 points to 3,637.58.
AP Securities Inc. said the index closed in positive territory after bargain hunting kicked in when the market touched an intraday low of 6,006.60.
‘The Philippine market went up, driven by late bargain hunting toward the end of the trading day as investors sought opportunities after recent declines,’ Luis Limlingan of Regina Capital said.
However, Limlingan said overall sentiment remained cautious as the peso continued to weaken against the dollar.
Total value turnover remained thin at P4.8 billion.
Sectoral gauges were a mixed bag, with services leading those in the green with a 1.72-percent jump, while financials lost the most with a 0.56-percent decline.
Decliners edged out advancers, 99 to 92, while 68 issues did not change hands.
Ayala Land was the session’s most actively traded stock, slipping by 0.69 percent to P21.50 per share, followed by BDO Unibank which improved by 0.74 percent to P137 and ICTSI which soared by 2.41 percent to P553.
Major stock markets mostly fell following some disappointing corporate earnings amid lingering worries over trade tensions
European equities also fell following declines in leading Asian markets earlier.