Select buying ends 3-day market drop

MANILA, Philippines — The stock market recovered yesterday after three days of decline on select buying, analysts said.

The benchmark gauge rose 92.06 points, or 1.21 percent, to end at 7,652.53, while the broader All Shares index gained 35.35 points or 0.76 percent to finish at 4,647.35.

In the latest issue of Market Call released yesterday, First Metro Investment Corp. and the University of Asia & The Pacific said the market could be making a gradual recovery given the lack of positive news.

“While further losses in PSEi are seen to be limited and short-lived, we expect the local bourse to undergo a rather gradual recovery, given the lack of positive drivers amid prospects of higher inflation rate, mildly weaker peso and larger fiscal deficits,” the report said.

It noted that while the global equities are recovering at a faster pace, the PSE did not follow, even hitting a year low of 7,557.91 on April 25.

The rest of the counters, meanwhile, were a mixed bag with the financials index leading the gainers. The holding firms, property, and the services index likewise entered positive territory, while the mining and oil were down. Total value turnover reached P6.226 billion.

Despite the recovery, market breadth was negative with 109 decliners and 74 advancing stocks. Fifty-seven issues were left unchanged.