9:36 pm | Thursday, October 16th, 2014
MANILA, Philippines—The local stock barometer rebounded for the second session in a row, re-testing the 7,000 mark, on the back of selective bargain-hunting after the bloodbath in previous days.
The main-share Philippine Stock Exchange index added 37.39 points or 0.53 percent to close at 7,028.58. The day’s gains were led by the services and property counters, which both surged by over 1 percent while the financial and industrial counters posted modest gains.
AP FILE PHOTO
Value turnover for the day amounted to P8.09 billion. Despite the PSEi’s rise, market breadth was negative as there were twice as many decliners for every single advancer.
The day’s upswing was led by PLDT and ALI, which rose by 2.8 percent and 3.08 percent, respectively. EDC, Meralco and JG Summit all advanced by over 1 percent.
BDO, AP and BPI also added to the PSEi’s gains. Outside of the PSEi, VLL (+1.48 percent) gained in relatively heavy volume.
Local stock brokerage DA Market Securities said foreign markets had rebounded but were still exhibiting weakness with trimmed advances. It said that as global downside bias eased following drops that had discounted the market, the market has firmed up. However, it said the market might see heightened volatility for this week.
“We also continue to be bullish over the long term,” it said.
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