The local stock barometer yesterday rallied sharply, breaching the 7,300 level in line with upbeat trading across the United States and regional markets.
The Philippine Stock Exchange index (PSEi) recouped 248.26 points, or 3.48 percent to close at 7,383, as local bargain-hunters made up for the slack in foreign investors’ appetite.
Elsewhere in the region, investors cheered a favorable Japanese factory data and were relieved that the tariffs slapped by the United States and China against each other were lower than expected.
For the week, the PSEi narrowed its loss to 30.15 points, or 0.4 percent. Prior to Friday’s rebound, the market was in bear territory for two days.
All counters were up but the financial counter led the PSEi’s recovery on Friday, rising by 4.72 percent, while the property sub-index rose by 3.15 percent.
The industrial, holding and services counters were all up by over 2 percent, while the mining/oil counter added 0.68 percent.
Total value turnover for the day was relatively heavy at P11.58 billion. There was net foreign selling of P132.15 million.
There were 114 advancers that edged out 86 decliners while 43 stocks were unchanged.
Investors gobbled up shares of the country’s largest lender BDO, which rallied by 7.58 percent.
The day’s most actively traded company was conglomerate Aboitiz Equity Ventures, which racked up 6.35 percent.
Metrobank also surged by 6.25 percent, while URC added 5.96 percent.
Ayala Land, PLDT and BPI both advanced by nearly 5 percent while GT Capital added 4.36 percent.
Meralco rose by nearly 4 percent while SM Investments gained 3.48 percent.
SM Prime and Globe Telecom rose by over 2 percent. Ayala Corp. and JG Summit both gained over 1 percent, while Jollibee also firmed up.
Outside of the PSEi, one notable gainer was MRC Allied, which went up by 5.56 percent in relatively heavy trade.
On the other hand, Metro Pacific fell by 1.6 percent, while Security Bank shed 0.3 percent.
Other notable decliners outside the PSEi were FPH (-2.93 percent) and DoubleDragon (-1.86 percent).