Stocks regain ground on bargain buying

MANILA, Philippines — The  stock market rebounded yesterday  as investors snapped up shares at lower prices following the previous day’s selloff.  The benchmark Philippine Stock Exchange index climbed by 1.30 percent, or 80.12 points, to end the shortened-trading week at 6,238.46.

The broader All Shares index also advanced by 1.14 percent or 38.88 points, closing at 3,435.23.

Philstocks Financial said the local market bounced back as investors snapped up bargains following Wednesday’s losses.

It said the local bourse also took cues from Wall Street’s overnight rally, driven by the fall in the US’ bond yields.

“Buying interest lifted market sentiment, with investors taking advantage of lower valuations after the recent decline,” Luis Limlingan of Regina Capital said.

“The recovery reflected renewed risk appetite after global market also traded in green, although participants remain watchful for fresh catalysts to sustain the upside,” he said.

All local gauges closed in positive territory, led by mining and and oil sector ,which surged by 5.04 percent, followed by services, which rose by 2.61 percent.

Trading activity picked up, with total  turnover value rising to P8.79 billion from P5.78 billion a  day earlier.

Foreigners were net sellers, recording net outflows of P555.34 million.

Advancers outnumbered decliners, 113 to 67, while 66 issues were unchanged.

SP New Energy Corp. was the session’s top traded stock, climbing by 8.47 percent to P1.28 per share, followed by ICTSI and SM Investments, which climbed by 3.28 percent and 1.94 percent, respectively, to P960.50 and P579.