Market bounces back

The main stocks index on Friday bounced back, ending a seven-day slump, on the back of selective bargain-hunting even amid lingering debt problems in Europe.

The main-share Philippine Stock Exchange index added 23.94 points, or 0.56 percent, to finish at 4,261.59.

The day’s upswing was led by the holding firms and mining/oil counters, which rose by 1.4 percent and 1.3 percent, respectively. The industrial and services counters also firmed up slightly.

The PSEI’s gains were tempered by the slight decline of the financial and property counters.

Value turnover amounted to P5 billion, including P1.8 billion worth of special block sales on BPI, AGI and NiHao.

Local investors supported the day’s recovery, while foreign investors remained cautious, resulting in P470 million in net foreign selling.

Despite the overall index gain, decliners slightly outnumbered advancers, 79-76, while 42 stocks were unchanged. Doris C. Dumlao