PH shares recover after Wednesday’s beating

Philippine shares saw a modest rebound after the previous session’s drop while the benchmark index still closed below the 7,000 level.

The Philippine Stock Exchange Index (PSEi) rose 0.66 percent, or 45.54 points, to 6,909.45 while the broader all-shares index added 0.47 percent, or 17.15 points, to 3,677.48.

“Philippine shares rose to recover some previous losses, as concerns over inflation and global economic growth stirred up further volatility across risk assets,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors on Thursday.

All Philippine Stock Exchange (PSE) subsectors also ended positive, led by mining and oil and financials, which rose 1.27 percent and 1.04 percent, respectively.

Trading volume eased after a spike in trading activity during the previous session.

PSE data showed 8.5 billion shares valued at P5.73 billion changing hands while foreigners, which were buying heavily on Wednesday, made net sales of P772.49 million during yesterday’s session.

There were 92 advancers versus 83 decliners while 58 companies closed unchanged.

BDO Unibank Inc. was the most actively traded on Thursday as it jumped 3.27 percent to P132.60 per share.

—MIGUEL R. CAMUS