MANILA – After days of slide, the Philippine Stock Exchange index (PSEi) recovered on Thursday due to bargain hunting and this benefited the peso.
The local stock barometer rose by 1.55 percent, or 100.41 points, to 6,576.62 points.
It was trailed by all the other indexes, with the All Shares up by 1.09 percent or 43.94 points, to 4,074.94 points.
Financials led the sectoral gauges with a jump of 2.90 percent and was followed by the Holding Firms, 1.92 percent; Mining and Oil, 1.55 percent; Industrial, 1.17 percent; Property, 0.69 percent; and Services, 0.48 percent.
Volume totaled 1.4 billion shares amounting to PHP3.7 billion.
Advancers led decliners at 136 to 56, while 52 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation head of sales, attributed the bargain hunting to upbeat corporate earnings reports both from the US and domestically.
“Aside from another round of earnings reports tonight, the investors would likely tune in to the jobs reports and existing home sales,” he said.
Meanwhile, the peso gained against the US dollar after ending the trade at 50.135 from 50.35 on Wednesday.
It opened the day at 50.25 and traded between 50.32 and 50.11.
The average level for the day stood at 50.235.
Volume totaled USD948.95 million, lower than the previous day’s USD1.007 billion. (PNA)
