Stocks gain some lost ground

The benchmark Philippine Stock Exchange Index (PSEi) recovered on Thursday, lifted by bargain hunters and as some worries over upcoming elections in Italy eased.

The PSEi was up 0.36 percent, or 27 points, to 7,497.17 on Thursday while the broader all-shares index gained 0.88 percent, or 16.28 points, to 4,588.29.

Subsectors were mostly positive, save for industrial, which sank 0.52 percent.

Gainers were led by mining and oil, up 2.84 percent, followed by financials, up 0.88 percent, and services, up 0.83 percent.

After the huge sell-off on worries that Italy may be forced in to a general election that would serve as a referendum on the euro further reviving worries about the stability of the eurozone, more rational minds this time prevailed after,” Luis Gerado Limlingan, managing director at Regina Capital Development, said yesterday.

Data from the PSE showed that some 820.1 million shares valued at P17.23 billion changed hands.

There were 102 advancers against 101 decliners while 41 companies closed unchanged.

SM Prime Holdings Inc., which closed unchanged at P37 per share, was the most actively traded company on Thursday.

It was followed by Ayala Land Inc., down 1 percent to P39.80, Aboitiz Equity Ventures Inc., down 2.78 percent to P57.80, Ayala Corp., up 1.02 percent to P940, and BDO Unibank Inc., up 1.95 percent to P130.50 per share.