PSEi recovers on Wall St lead

MANILA, Philippines – The stock market recovered yesterday as investors took their cue from Wall St which went on a rebound last night, analysts said.

The main composite index recovered 40.74 points to close at 6,449.50, while the broader All Shares index rose 22.24 points to settle at 3,698.

The Dow Jones Industrial average soared 227.64 points, or 1.41 percent, to close at 16,379.05, while the Nasdaq composite index closed higher by 88.94 points, or 1.97 percent, at 4,615.00.

During yesterday’s session, indexes were mixed although most finished in positive territory. These are the industrial, holding firms, services and property, while the financials and mining and oil closed in negative territory.

Value turnover stood at P5.624 billion, while advancers and decliners were tied at 88. Thirty-nine stocks, meanwhile, were left unchanged.

Analysts said the market would continue to look for positive leads next week to regain momentum, following the heavy beating last week and early this week.

Meanwhile, Asian stocks slumped to 3-1/2-year lows on Friday as brief gains earlier in the session gave way to renewed pressure on oil prices and disappointing Chinese data, ratcheting up investor concerns about the global economy.

MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.7 percent to the lowest level since June 2012, and was on track for a loss of 3.2 percent for the week.

Japan’s Nikkei also reversed earlier advances to close down 0.5 percent, extending losses for the week to 3.1 percent.