The stock market on Thursday ended a four-day slump as investors took heart from an improvement in global risk appetite.
The main-share Philippine Stock Exchange index recouped 29.34 points, or 0.58 percent, to finish at 5,046.78. All counters firmed up, especially the holding firm subindex (+1.17 percent), which got a kick from JG Summit (+6.3 percent to P31.25).
There were 91 advancers against 69 decliners, while 44 stocks were unchanged.
Value turnover improved to P5.3 billion from Wednesday’s P3.71 billion, but this was still thinner than the P7.85-billion daily average in the first quarter.
Dealers said some investors decided to stay in the sidelines, sticking to blue chips and strong second-line stocks, due to concerns over the pending rocket launch in North Korea and the strong earthquake in Indonesia.
Other index stocks that contributed to the PSEi’s recovery were SM Investments, PLDT, AGI, URC, Metrobank, BDO, Meralco, AP, Megaworld, AC, ICTSI, MPI and EDC.
“Global markets rallied overnight, with improved sentiment as the previous sell-off was seen overdone,” said investment bank Credit Agricole CIB. “That said, risk assets failed to recoup all of their losses.”
Asian currencies and rates are likely to trade in ranges today, as markets await the Chinese numbers on Friday.