Share prices recover on select buying

MANILA, Philippines - The local equities market recovered yesterday, snapping a five-day decline, as investors picked up select stocks.

The Philippine Stock Exchange index (PSEi) rose 11.28 points, or 0.15 percent, to settle at 7,344.73, while the broader All Shares index gained 4.60 points, or 0.11 percent, to 4,188.58.

Analysts said the market recovered from the previous day’s slump as bargain hunting among choice stocks set in and ahead of the release of the minutes of the meeting of the US Federal Reserve.

“The local equities recovered ahead of the release of FOMC minutes, despite lingering pessimism in the market,” said Jason Escartin of F. Yap Securities.

He said bargain hunters also took positions in select shares as the PSEi dipped below support at 7,300.

In a market outlook, Accord Capital said investors are keeping their hands in their pockets ahead of a critical Federal Reserve meeting next month.

The best performer of the session on the PSEi index were Semirara Mining, which rose 3.24 percent, or four points, to close at P127 per share while Bloomberry Resorts also gained 2.92 percent, or 0.210, to finish at P7.4 per share.

Other gainers included Gokongwei-owned JG Summit and Manila Electric Co. (Meralco), the country’s biggest power distributor.

Value turnover remained thin at P5.999 billion. Decliners continued to edge out advancers, 91 to 77 while 51 stocks were unchanged.