PSEi bounces to 8,600 level

Traders gesture as they monitor the trend in the trading at the Philippines Stocks Exchange at the financial district of Makati City. AP FILE PHOTO

The local stock barometer bounced on Wednesday as the bloodbath in the last two sessions opened the window of opportunity for bargain-hunters.

The main-share Philippine Stock Exchange index (PSEi) recouped 117.14 points or 1.37 percent to close at 8,667.56, taking its cue from the recovery of stocks in Wall Street overnight.

“The (US) dollar relinquished gains as US equities stabilized in a turbulent trading session,” said BDO chief strategist Jonathan Ravelas. “The fading risk-off mood weighed on Treasuries, which were sold off as stocks recovered.”

All counters firmed up, led by the industrial counter which went up by 2.12 percent. The financial, services, mining/oil and property counters all added over 1 percent.

Total value turnover for the day amounted to P9.08 billion. There were 127 advancers that beat 82 decliners while 47 stocks were unchanged.

Domestic investors supported the market’s rebound while foreign investors were net sellers amounting to P598.98 million.

URC led the PSEi’s rise with its 5.67-percent gain while Ayala Land, BDO and Ayala Corp. all advanced by over 2 percent.

PLDT, BPI, JG Summit, Jollibee and GT Capital all gained over 1 percent while SM Prime, AGI, Megaworld and Metro Pacific Investments also firmed up.

Investors also scouted for buying opportunities outside PSEi stocks.

The day’s most actively traded stock is Now, which rose by 4.12 percent, while TBGI added 1.59 percent. This is still part of a “third telco” play in the market.

Integrated gaming operator Bloomberry surged by 5.79 percent ahead of its fourth quarter earnings results.

On the other hand, investors sold down shares of LTG, which fell by 2.17 percent. SM Investments also slipped by 1 percent.