Market snaps two-day losing streak

MANILA, Philippines - Share prices rebounded yesterday, snapping a two-day skid given ample market liquidity and a number of positive local news.

The Philippine Stock Exchange index rebounded 0.41 percent or 24.66 points to settle at 6,072.18, while the broader all shares index added 0.33 percent or 12.50 points to 3,829.47.

Advancers outpaced decliners, 86 to 77, while 49 stocks did not change as value turnover picked up to P7.32 billion from P7.01 billion a day ago.

“After two days, the buying spree is there once again. There is just liquidity and the trickle of positive news,” Astro C. del Castillo, managing director of First Grade Finance Inc., said in a phone interview.

Most subindices were in the green, led by mining and oil that rallied 1.88 percent or 400.35 points to 21,723.85.

The country’s largest miner Philex Mining Corp. surged 4.4 percent to P18.02 after agreeing to pay the P1.034-billion fine imposed by the Mines and Geosciences Bureau for the tailings spill in its copper-gold mine in Padcal, Benguet.

Markets were mixed in the US as the Dow Jones industrial average slipped 0.17 percent or 23.66 points to 13,511.23 while the broader Standard & Poor’s 500 Index added 0.02 percent or 0.29 points to 1,472.63. Index heavyweight Apple Corp. rebounded while banking giants JPMorgan Chase and Goldman Sachs pulled up the stocks on strong income growth.

Del Castillo said the gain in the local market was marginal, suggesting that the market is still building a strong base prior to another climb.