PHILIPPINES share prices recovered on Wednesday as investors went bargain-hunting after the bellwether index retreated to five-month low. The Philippine Stock Exchange index (PSEi) surged 60.83 points to 7,384.27 from previous day’s 7,323.44 close.
”It’s a technical bounce, investors are bargain hunting. It could try 7,500 levels,” said Jonathan Ravelas, BDO chief market strategist.
Ravelas said failure to break the 7,500 levels could call for further losses to 7,000 levels. Almost all counters were in positive territory, led by property that increased 1.67 percent. Share prices of mining and oil sector declined slightly. A total of 2.14 billion shares change hands within the day valued at Php 6.2 billion.
Advancers dominated decliners, 94 to 61, as 54 issues remained unchanged. Metropolitan Bank & Trust Company, Universal Robina Corp., GT Capital Holdings Inc., Ayala Land Inc. and Globe Telecom Inc. led the day’s active stocks. (PNA)
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