PH shares rebound, snap losing streak

The local stock barometer firmed up past the 7,500 level on selective buying of large-cap stocks on Thursday, tracking a rebound across regional markets.

The main-share Philippine Stock Exchange index (PSEi) recouped 68.17 points, or 0.92 percent, to close at 7,517.37 as investors cheered the US’ proposal to hold another round of trade talks with China.

After breaking through the 7,460-7,500 support area alongside the peso depreciation on Wednesday, local stock brokerage Papa Securities said all wasn’t lost for the PSEi as US markets were “finding optimism once again in anticipation of another possible round of trade talks.”

All counters ended higher, led by the mining/oil and property counters, which both added over 1 percent.

Value turnover for the day amounted to P6.07 billion.  Foreigners were still in a net selling position amounting to P398 million.

Despite the day’s upswing, market breadth was negative.  There were 123 decliners that outnumbered 72 advancers while 45 stocks were unchanged.

Investors gobbled up shares of big companies like URC, BDO, SM Prime, AEV and Jollibee, which all surged by over 2 percent.

Shares of BPI, Globe Telecom, Ayala Land, SM Investments, AGI and PLDT also gained.

Notable gainers outside the PSEi included PXP and Italpinas, which  rallied by 7.59 percent and 11.3 percent, respectively.

On the other hand, Ayala Corp., Metrobank and Megaworld all tumbled by over 2 percent.

GT Capital lost 1.33 percent while Security Bank also slipped.