Index snaps 9-day downtrend

MANILA, Philippines – The stock market snapped out of its recent downward trend the past nine days, gaining more than 50 points on bargain hunting.

The benchmark Philippine Stock Exchange index (PSEi) finished at 6,825.38, gaining 52.46 points or 0.77 percent, while the broader All Shares index likewise gained 33.01 points, or 0.84 percent, to end at 3,947.44.

All the other indexes closed in positive territory with the industrial and mining and oil barometers posting the biggest gains as these two indexes rose by 102.83 and 138.02 points, respectively.

Value turnover reached P6.106 billion. Advancers outnumbered decliners this time, 119 to 48 while 44 stocks were left unchanged.

Analysts said the market snapped out of its losing streak on the back of bargain hunting among investors.

Market jitters as a result of last week’s attack in Paris, Beirut and Baghdad also started to recede, boosting not just Philippine stocks but Asian stocks as well.

During yesterday’s session, gainers included Petron which rose four percent to P7.80 at the close as well as Bloomberry which rose 2.23 percent to P5.050.

On the other hand, the session’s worst performers include GT Capital, which declined one percent to end at P1,285 while Dmci Holdings declined by 0.77 percent to P12.880.

Lopez-owned First Gen also fell 1.36 percent or 0.30 points to trade at P21.80 at the close of the session.