PSEi rebounds after 8-day decline

pse.com.ph photo

MANILA, Philippines—The local stock market found relief after an eight-day bloodbath on Thursday while investors across the region took heart from US Federal Reserve’s vow to maintain its easy monetary policy.

After pulling back by 6.5 percent since hitting successive record highs earlier this month, the Philippine Stock Exchange index clawed back 53.36 points or 0.83 percent to close at 6,472.98 on Thursday.

Fund managers said the decline in the last eight days was a good opportunity to allow investors to reenter the market after locking up gains from recent highs.

All counters bounced but the biggest rise was posted by the services (+2.31 percent) and mining/oil (+1.93 percent) counters.

Value turnover amounted to P9.5 billion. There were twice as many advancers (103) for every decliner (50).

Semirara Mining was an outperformer for the day (+7.09 percent) on reports its coal mining operation may resume operations by April.

Investors also picked up shares of Belle, PLDT, Philex, ICTSI, Megaworld, BPI, Petron, AEV and EDC.