Most local stocks managed to bounce back on Thursday as investors started to shrug off their concerns over the ongoing US debt ceiling debate.
The main-share Philippine Stock Exchange gained 58.22 points, or 0.91 percent, to close at 6,435.97.
The day’s gainers were led by the holding firm (+1.17 percent) and property (+1.61 percent) subindices.
Michael Gerard Enriquez, chief investment officer at Sun Life of Canada (Philippines), said investors are not as concerned about the US debate on debt ceiling as they used to.
“I’m sure it will be resolved by Oct. 17,” Enriquez said, referring to the US debate. “The market is now getting more flows from foreigners looking at consumer stocks.”
This consumer play has likewise driven higher the shares of Puregold (+4.27 percent) and Emperador (+7.71 percent), he said.
“Also, there’s renewed interest on the property sector,” Enriquez said, citing the huge pickup of Megaworld shares.
With investors getting over the problems in the United States for now, he said investors are now concentrating on the strength of the domestic economy.
Value turnover for the day amounted to P8.27 billion. There were 84 advancers against 60 decliners, while 39 stocks were unchanged.
The day’s biggest PSEi gainers were DMCI (+5.51 percent) and Megaworld (+4.23 percent) while BDO and URC rose by over 2 percent. RLC, SM Prime, Semirara, SMIC, Jollibee and AEV all advanced by over 1 percent.
On the other hand, the day’s laggers were Petron, MWC, FGEN, SMC, LTG and EDC. Doris C. Dumlao