Market gains 1.14%

The local stock barometer Thursday bounced to the 7,900 level as the 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 second quarter local corporate earnings.

All counters rebounded, led by services which gained 2.1 percent, while the industrial and property counters both advanced by more than 1 percent.

Value turnover for the day amounted to P7.13 billion.  There were 130 advancers and only 60 decliners, 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 more than 2 percent.

ALI, AC, URC and EDC all gained more than 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. Doris Dumlao-Abadilla