PH stock index rebounds after heavy beating

PSE index as of January 29, 2014, 3:46 PM. Screengrab from https://www.pse.com.ph

MANILA, Philippines — After taking a heavy beating in the last two days, the local stock barometer swung back to positive territory on Wednesday as an overnight rebound in Wall Street attracted bargain-hunters.

The main-share Philippine Stock Exchange index recouped 47.03 points or 0.78 percent to close at 6,069.84. Regional markets were also mostly higher as US stocks rebounded on new data indicating better than expected corporate earnings and an improvement in consumer confidence.

At the local market, all counters ended higher led by holding firms and property counters, which both rose by over 1 percent.

Value turnover amounted to P7.32 billion. There were 85 advancers that edged out 61 decliners while 47 stocks were unchanged.

Investors loaded up on shares of AGI (+1.11 percent) and SM Prime (+2.15 percent), the two most actively traded stocks.

MPI and LTG gained by over 2 percent while SMIC, DMCI and AC were up by over 1 percent.

PLDT, ALI, BPI, Metrobank, URC, BDO and AEV also contributed to the day’s gains.

Outside of the PSEi, the stocks that gained in heavy volume were Puregold (+0.39 percent) and Melco (+1.02 percent).

Melco is the partner of the SM group of companies in the next casino hub to open at Pagcor City by the middle of this year: City of Dreams Manila. Recently, Hollywood actor Robert de Niro was in town to announce the entry of boutique hotel Nobu, of which he is co-founder, in the Philippine hospitality industry.

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