PSEi bounces to 7,900
THE LOCAL stock barometer bounced to the 7,900 level on Thursday led by telecom giant PLDT while recovery in global oil prices perked up regional markets.
The main-share Philippine Stock Exchange index recouped 90.13 points or 1.14 percent to close at 7,978.57, clawing back some of the heavy losses incurred on Wednesday.
The market also priced in the latest stream of second quarter local corporate earnings.
All counters rebounded, led by the services sub-index which gained 2.1 percent as well as the industrial and property counters which both advanced by over 1 percent.
Value turnover for the day amounted to P7.13 billion. There were over twice as many advancers (130) as decliners (60), indicating positive market breadth.
PLDT – heavily battered in the last two days due to a sharp reduction in dividend guidance amid bleak second quarter earnings – bounced by 4.56 percent.
Investors also picked up shares of BPI, MPIC, Jollibee, GTCAP and DMCI which all gained over 2 percent.
On the other hand, ALI, AC, URC and EDC all gained over 1 percent.
AEV, Globe and BDO also firmed up.
Metrobank shares fell by 3.13 percent after announcing its first semester results. Six-month net profit was at P9.1 billion, lower than P9.3 billion in the previous year, albeit core profits were up by around 5 percent.
SMIC also slipped by 0.66 percent.
