PH shares rebound on bargain-hunting

The local stock barometer rebounded on Friday as the previous day’s slump opened the window for some buyers to pick up battered stocks.

The main-share Philippine Stock Exchange index (PSEi) recouped 97.26 points, or 1.26 percent, to close at 7,839.79.

“It’s the January effect,” said veteran stock broker Joseph Roxas, president of local stock brokerage Eagle Equities Inc.

The January effect refers to a seasonal increase in stock prices during the first month of the year.

Elsewhere in the region, trading sentiment was mixed as oil prices rose on fresh geopolitical jitters caused by the US strike on Iran.

At the local bourse, all counters ended higher, led by the industrial counter that rose by 2.07 percent.

The holding firm counter added 1.52 percent while the financial, services, mining/oil and property counters went up by less than 1 percent.

Total value turnover amounted to about P5.6 billion. Domestic investors supported the local market while foreigners were net sellers, resulting in a net outflow of P157.87 million for the day.

There were 108 advancers that outnumbered 68 decliners, while 59 stocks were unchanged.The PSEi was led higher by URC, which surged by 5.6 percent, while ICTSI added 4.23 percent.

Megaworld added 3.83 percent while Aboitiz Power rose by 3.1 percent.

GT Capital firmed up by 2.28 percent while SM Prime, SM Investments, BPI, PLDT, Security Bank and RLC all added over 1 percent.

BDO, Ayala Corp. and Jollibee all slightly rose.

Outside of the PSEi, one notable gainer was newly listed Fruitas, which rose by 14.17 percent. Dealers said this was a technical rebound after a steep decline since debuting on the local stock exchange late last year.

On the other hand, Ayala Land slipped.

Manila Water Co. Inc., which is not part of the PSEi, shed 4.95 percent ahead of the Jan. 6 government announcement on the fate of Metro Manila’s two water concessionaires.

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