Stocks recover on bargain hunting

MANILA, Philippines (Xinhua) - Bargain hunting among investors allowed the Philippine stock market to recover today.

The bellwether Philippine Stock Exchange index gained 0.48 percent, or 33.42 points, to 6,937.21, while the broader all-share index added 0.43 percent, or 17.88 points, to 4,156.60.

Trading volume reached 1.02 billion shares worth P6.89 billion ($159.17 million) with 98 stocks advancing, 74 declining, and 53 were unchanged.

Of the six counters, only the financials bucked the trend.

"Sentiments glided with the 'relief rallies' from Wall Street, given the latter's recent decline," brokerage 2TradeAsia.com said in its daily stock market comment.

The Dow Jones industrial average posted a 78.99 point rebound on Wednesday after a three-day drop the previous day.

The Philippine equities was down for two consecutive sessions after touching the 7,000 level on Monday, the highest level it reached so far this year.

"Much will depend on how institutional players will interpret the US Federal Reserve's minuted statement, due to fears of possible earlier-than-expected adjustment in benchmark US interest rates," 2TradeAsia.com said.

The brokerage advised investors to spot for accumulation in issues that are "quick to bounce" once the selling subsides.

Stocks in the 30-company index were mostly up. These include BDO Unibank, Inc., Alliance Global Group, Inc., and Ayala Land, Inc.