The local stock market finally bounced from its string of losses after investors found share prices to have reached attractive levels.
The main index rose 66.99 points or 0.97 percent to close at 6,947.19 with the Services sector leading the advance across the board as it resumed its upward trajectory. The Property and Industrial counters also chalked up hefty gains.
Volume was lower though at 956 million shares worth P5.96 billion as losers edged out gainers 98 to 95 with 46 unchanged.
“The Philippines and the rest of the region scored solid gains after several lackluster sessions that had left the market primed for bargain hunting,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Surging energy stocks contributed to the upbeat performance both here and abroad, while investors remain fixated on next week’s Federal Reserve meeting.“
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said, “The local market bounced back this Thursday as investors took opportunities out of its preceding 3-day decline.”
He noted that, “Market sentiment got a boost from the rise in our July 2021 cash remittances. The positive spillovers from Wall Street’s overnight performance also helped in Thursday’s gains.”