Market recovers

Philippine stocks recovered from steep losses in the previous session as bargain hunters stepped into the scene.

The benchmark Philippine Stock Exchange Index (PSEi) gained 0.83 percent, or 60.83 points, to 7,384.24 on Wednesday’s close. The broader all-shares index was also up 0.70 percent, or 29.64 points, to 4,254.21.

All sub-sectors ended positive, save for mining and oil, which declined 0.48 percent. Gainers were led by property, which gained 1.67 percent, followed by financials, up 1.13 percent.

A total of 2.14 billion shares changed hands yesterday, valued at P6.2 billion. There were 94 advancers against 61 decliners while 54 other companies closed unchanged.

Data from the Philippine Stock Exchange showed that Metropolitan Bank and Trust led the list of most actively traded stocks as it gained 2.33 percent to P88 per share.

It was followed by Universal Robina Corp., up 1.36 percent to P186.50; GT Capital Holdings Inc., up 0.08 percent to P1,301; Ayala Land Inc., up 1.35 percent to P37.50, and Globe Telecom, up 1.47 percent to P2,630 per share. Miguel Camus