The local stock market advanced for the second straight session as investors continued to take advantage of affordable share prices following a recent seven-day slump.
The benchmark Philippine Stock Exchange index closed yesterday’s session at 6,039.76, higher by 0.23 percent or 13.73 points.
The broader All Shares index also improved by 0.13 percent or 4.67 points, finishing at 3,659.29.
Philstocks Financial research manager Japhet Tantiangco said the local market extended its gains as investors continued with their bargain hunting.
‘The positive cues from Wall Street driven by Fed rate cut hopes help in Thursday’s session,’ he said.
All sectors were in the green, except for property which declined by 1.2 percent.
Total value turnover thinned to P5.56 billion from the previous day’s P6.8 billion.
Foreigners were net sellers with net outflows at P762.05 million.
Market breadth was negative as decliners edged out advancers, 95 to 89, while 65 issues were unchanged.
ICTSI remained as the session’s most actively traded stock, ending flat at P486 percent, followed by BDO Unibank and Ayala Land which dropped by 0.22 percent and 1.64 percent, respectively, to P138 and P24.
Among index members, SM Investments recorded the highest jump with a 2.03-percent increase, while SM Prime lost the most, declining by 2.18 percent.