MANILA, Philippines — The stock market ended its three-day bleeding ahead of the release of the gross domestic product (GDP) growth for the second quarter as it tracked positive developments in Asian and US markets.
The Philippine Stock Exchange index surged by 1.58 percent or 101.93 points to return above the 6,500 level, ending at 6,535.17.
Also finishing on the positive territory was the broader All Shares index, which soared by 1.22 percent or 43 points to finish the session at 3,563.94.
“Philippine shares made a furious comeback following the rally of Asian and US markets, as investors start to make bets ahead of the GDP release later. The local index climbed back above 6,500 after falling to 6,400 earlier this week, one of the biggest drops of the year,” Luis Limlingan of Regina Capital said.
Limlingan said Wall Street snapped its three-day losing streak as investors took a break from recession fears, buoyed by a rally in Japanese equities.
Philstocks Financial research and engagement officer Mikhail Plopenio said the local market bounced back as investors hunted for bargains following three-day decline.
“Along with our regional peers, the bourse tracked Wall Street’s rebound overnight. Also, the strengthening of the local currency against the US dollar boosted sentiment,” Plopenio said.
Net market value turnover was flat compared to the previous day at P4.58 billion, but was lower than the year-to-date average of P4.9 billion.
All counters were in the green, led property index, which climbed by 3.25 percent.
The services, industrial as well as mining and oil sectors all increased by more than one percent each.
Market breadth was positive as advancers edged out decliners, 98 to 81, while 54 issues were unchanged.
Ayala Land posted the biggest gain among index members while Alliance Global Group lost the most with 3.19 percent.
Be the first to comment