The local stock barometer bounced back to the 7,200 level on Wednesday but remained in bearish territory as foreign investors continued to trim their exposure to local equities.
The main-share Philippine Stock Exchange index (PSEi) gained 78.51 points, or 1.1 percent to close at 7,210.87 on selective bargain-hunting. Elsewhere in the region, trading sentiment was mixed.
BDO Unibank chief strategist Jonathan Ravelas said the PSEi seemed headed toward the 6,900 to 7,000 levels in the near term. He added that any recovery could be limited to the 7,300 levels.
In general, investors are worried over how the upsurge in consumer prices may affect the domestic economy. The government is set to release the September inflation report on Friday.
All counters ended higher but the biggest gainer was the property counter, which added 2.11 percent.
The industrial, holding firm and mining/oil counters all firmed up by more than 1 percent.
Value turnover for the day amounted to P5.44 billion. Foreigners remained net sellers, resulting in net outflows of P281.9 millions for the day.
Market breadth was neutral, with 93 advancers nearly matching 92 decliners while 60 stocks were unchanged.
The PSEi was boosted by the gains of Meralco, which rose by 4.91 percent, while property giant Ayala Land Inc. advanced by 3.05 percent.
Security Bank and Metro Pacific rose by more than 2 percent, while SM Prime was up nearly 2 percent.
Ayala Corp. and Metrobank both added over 1 percent, while AEV, BDO, Jollibee, PLDT and URC also firmed up.
Outside the PSEi, notable gainers included PXP, which jumped by 4.84 percent.
On the other hand, RRHI lost 3.42 percent while BPI fell by 1.52 percent.
San Miguel Food and Beverage, the day’s most actively traded stock, slid by 4.08 percent.