Late rally props up index

MANILA, Philippines - The stock market pulled off yet another late comeback yesterday to open the week on a positive note.

The benchmark Philippine Stock Exchange index capitalized on some afternoon bargain hunting from investors to close 0.92 percent, or 66.75 points, higher at 7,313.87. It closed 0.37 percent lower in the morning trade.

The broader All Shares index followed the same positive path, adding 0.66 percent or 29.27 points to end at 4,415.13.

All counters except for industrial finished in the green, with property, financials, and services leading the charge with gains of more than one percent, respectively.

Value turnover improved to P7.62 billion, from last week’s average of P5.47 billion.

Advancers crushed decliners, 107 to 75, while 46 stocks did not change.

“Philippines’ market bucked the downtrend in the afternoon given much rosier prospects compared to other counterparts,” said Regina Capital Development Corp.’s Luis Limlingan.

Limlingan said China has set a slightly lower economic growth target for 2017 as the country’s lawmakers began their annual meeting on Sunday.