Stocks gain lost ground

The local stock index on Thursday climbed back to the 5,200 level, aided by bargain-hunting and fresh expectations of another monetary stimulus from the US Federal Reserve.

The main-share Philippine Stock Exchange index clawed back 50.69 points,

or 0.98 percent, to close at 5,202.84, ending a three-day slump. The day’s gainers were those in the financial and mining/oil counters which bounced by over 1 percent as buoyant regional trading emboldened investors to pick up oversold local stocks.

But value turnover was still thin at P4.19 billion. There were 94 advancers against 57 decliners, while 40 stocks were unchanged.

Dealers said the market was set for a technical rebound on Thursday. At the same time, a recovery in regional markets helped local investor sentiment.  Doris C. Dumlao