Philippine stock prices bounce back

AFP FILE PHOTO

MANILA, Philippines – Local stock prices bounced back from a five-day slump on Thursday as bargain-hunters picked up selected blue chips, allowing the main index to climb back to the 4,200 level.

The main-share Philippine Stock Exchange index clawed back 39.58 points or 0.94 percent to finish at 4,230.56. The index is thus back in positive territory this year, up from the end-2010 level of 4,200.

All counters traded favorably, led by the property and services sub-indices which surged by 1.94 percent and 1.7 percent, respectively.

Turnover, however, was thin at P4.36 billion as many investors were still hesitant to come back to the market in a big way due to looming offshore and domestic economic challenges.

There were 85 advancers that edged out 48 decliners while 37 stocks were unchanged.

Bargain-hunters loaded up on index stocks like AGI, Aboitiz Power, EDC, PLDT, Ayala Land, SM Prime, Aboitiz Equity Ventures, Meralco, Philex Mining, SM Investments and First Gen. San Miguel Corp. and Philodrill were likewise up in heavy trade.

On the other hand, the index recovery was tempered by profit-taking on Metrobank, DMCI, URC, Lepanto “A” (open only to local investors) and Megaworld.