MANILA, Philippines — The local stock market rebounded following Wednesday’s selloff, with investors picking up bargains and sentiment getting a lift with the continued drop in oil prices.
The benchmark Philippine Stock Exchange index went up by 1.33 percent or 79.69 points to end the session at 6,071.06.
The broader All Shares index likewise rose by 0.47 percent or 15.47 points, settling at 3,331.09.
First Metro Securities said Philippine equities staged a respectable rebound to reclaim a foothold at 6,071.06 as bargain hunters stepped in to execute a relief rally following the previous session’s selloff.
It said heavyweight ICTSI served as the day’s engine.
The local market bounced back from Wednesday’s losses as investors hunted for bargains primarily on index heavyweight ICTSI. The decline in global oil prices also helped in the session, Philstocks Financial research manager Japhet Tantiangco said.
Sectors were mixed, with those in the green having a slight advantage. Services registered the biggest gain at 3.71 percent, while mining and oil lost the most with a 4.82-percent drop.
Total turnover value thinned to P8.30 billion from the previous day’s P10.32 billion.
Decliners outnumbered advancers, 103 to 79, while 61 issues were unchanged.
ICTSI was the session’s top traded stock, climbing by 5.17 percent to P895 per share. It was followed by BDO, which fell by 2.01 percent to P122, and Jollibee, which rose by 3.69 percent to P135.