Philippine stocks continue to regain lost ground

MANILA, Philippines — The local stock market continued its recovery on Thursday as investors picked up lower-priced shares, with the benchmark index rising above the 6,500 level.

By the end of the session, the Philippine Stock Exchange Index (PSEi) rose by 1.13 percent, or 73.15 points, to 6,523.19. The broader All Shares Index also gained by 0.77 percent, or 26.30 points, to 3,456.32.

This comes after the PSEi suffered a nine-session losing streak amid escalating tensions in the Middle East.

Stock exchange data showed that a total of 634.68 million shares valued at P6.55 billion changed hands.

READ: Asian shares gain despite Wall Street’s tech-led retreat

“Investors continued to take opportunities from the market’s recent steep decline,” said Mikhail Plopenio, researcher at Philstocks Financial Inc.

He added that traders were likewise encouraged by the Bangko Sentral ng Pilipinas, raising hopes of a possible rate cut in the fourth quarter.

Sy family-led BDO Unibank Inc. was the top-traded stock as it declined by 1.27 percent to P148.10 per share.

It was followed by SM Investments Corp., up 0.21 percent to P940 each; Ayala Land Inc., up 3.71 percent to P27.95; International Container Terminal Services Inc., up 5.08 percent to P331; and SM Prime Holdings Inc., down 0.71 percent to P28.05 per share.

READ: Philippine shares rise after nine-day drop

Bank of the Philippine Islands surged by 5.08 percent to P124 each; Metropolitan Bank and Trust Co., up 1.52 percent to P67; GT Capital Holdings Inc., up 0.68 percent to P594; Universal Robina Corp., down 3.13 percent to P93; and Manila Electric Co., down 2.72 percent to P350.20.

Overall, there were 107 advancers against 76 losers, while 43 companies were unchanged at closing, stock exchange data showed.