Share prices recover on bargain hunting

MANILA, Philippines — Share prices recovered yesterday as investors gobbled up bargain stocks after the Philippine Stock Exchange (PSE) experienced massive sell off on Wednesday.  

The benchmark Philippine Stock Exchange index (PSEi) recovered yesterday, closing 58 points, or 0.83 percent, higher at 6,967.84.

Likewise, the broader All Shares index recovered, climbing by 20.30 points or 0.49 percent to end at 4,149.67.

Most of the sectoral gauges recovered as well with the financials and property indices leading the gainers.

Total value turnover reached P8.445 billion, but despite some bargain hunting, market breadth was still negative, 95 to 91 in favor of decliners.

Traders said the markets are still generally cautious after the massive selloff on Wall Street on Wednesday.

Global health authorities have warned that the coronavirus or COVID-19 is already on the cusp of being a pandemic.

“Here at the PSE, the main index saw a minor bounce after two days of decline. Trading volumes were higher than the average with turnover value at P6.86 billion excluding block sales,” said Christopher Mangun of AAA Securities.