Stocks regain ground on bargain buying
The stock market rebounded yesterday as investors snapped up shares at lower prices following the previous day’s selloff.
Manila, Philippines — The Philippine stock market experienced a rebound on Tuesday following a selloff the previous day. The benchmark Philippine Stock Exchange index rose by 1.30 percent, or 80.12 points, to close the shortened trading week at 6,238.46. The broader All Shares index also increased by 1.14 percent, or 38.88 points, to finish at 3,435.23.
Local market analysts noted that investors took advantage of lower valuations following Wednesday's losses, as the local bourse also benefited from Wall Street's overnight rally, driven by falling US bond yields. Trading activity picked up, with total turnover value surging to P8.79 billion from P5.78 billion the day before. Foreign investors were net sellers, with a net outflow of P555.34 million.
Advancing stocks outnumbered decliners 113 to 67, while 66 issues remained unchanged. The session's top traded stock was SP New Energy Corp., which climbed by 8.47 percent to P1.28 per share. Other notable gainers included ICTSI and SM Investments, which rose by 3.28 percent and 1.94 percent, respectively, to P960.50 and P579.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
