MANILA, Philippines?Local stocks rebounded back to the 4,300 level Wednesday as investors gobbled up mining and banking stocks.
The main-share Philippine Stock Exchange index added 41.71 points, or 0.98 percent, to finish at 4,303.31.
The day?s gains were led by the mining/oil and financial counters, which were up 5 percent and 1.4 percent, respectively.
Lepanto ?A? was the day?s most actively traded stock, rising 12.82 percent to close at P0.88 a share, likewise leading the mining index. Philex, Manila Mining ?A? and Lepanto ?B? also traded higher.
A rebound by DMCI and buying on BDO, Alliance Global, PLDT, Metrobank, First Gen, Aboitiz Power, EDC, SM Prime and Ayala Corp. also supported the index. Shares of Non-PSEi stocks San Miguel and PNB also traded higher.
?I think investors are positioning in anticipation of an uptrend,? said Joseph Roxas, president of local brokerage Eagle Equities Inc.
ICTSI, URC and Megaworld were among those that bucked the day?s upswing.
Shares of ICTSI fell 10.2 percent to P50.65 a share on talks that its inclusion in a closely watched MSCI index would be withdrawn.
There were 77 gainers, 59 decliners and 36 unchanged stocks. Value turnover amounted to P4.74 billion.
Risk appetite has improved among foreign investors as indicated by P210 million in net foreign buying posted for the day.?Doris C. Dumlao