The local stock barometer bounced back to the 7,300 level on Thursday as investors scouted for bargains while global equities stabilized after a recent sell-off.
The main-share Philippine Stock Exchange index recouped 46.1 points or 0.64 percent to close at 7,301.03, tracking rebound across regional markets.
“Philippine companies rebounded much better than regional markers even as US stocks bounced back from their worst loss in five months amid opportunistic, albeit cautious bargain-hunting,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
“Our market is also factoring that the BSP (Bangko Sentral ng Pilipinas) will maintain its rates when the decision comes out later (Thursday) with some hints as to when it may actually raise later in the year if ever,” Limlingan said.
As expected, the BSP kept its interest rates unchanged during the policy meeting on Thursday afternoon.
While equity and commodity markets stabilized overnight, Citigroup said underlying concerns persisted.
“For now markets are waiting to see whether the AHCA (American Health Care Act) bill will pass the House,” Citi said. “Passage of the bill could deliver a positive surprise to market sentiment.”
At the local market, the PSEi was led higher by the holding firm and services counters which both gained over 1 percent. The mining/oil sub-index also slightly gained.
These made up for the slack in the financial, industrial and property counters.
Total value turnover for the day amounted to P5.58 billion. There were 94 advancers that edged out 83 decliners while 58 stocks were unchanged.
Investors picked up shares of JG Summit, which surged by 3.73 percent while Metro Pacific, Ayala Corp., SM Investments and PLDT all gained over 1 percent.
Metro Pacific issued a statement on Thursday to quash rumors that it was planning to raise fresh capital.
DMCI, AGI,URC, Metrobank, Semirara and Globe also contributed to the day’s gains.
Outside of the PSEi, long-battered Cemex rebounded by 1.08 percent while gaming firm Melco Crown rose by 0.33 percent in relatively heavy trade.
On the other hand, Security Bank tumbled by 1.48 percent while SM Prime and Jollibee also slipped.