Stocks snap 3-day retreat

MANILA, Philippines — The local stock market snapped its three-day losing streak as investors took advantage of bargains.

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.49 percent or 30.79 points to close yesterday’s session at 6,330.46.

On the other hand, the broader All Shares index retreated by 0.25 percent or 9.06 points to settle at 3,678.80.

“Philippine shares rebounded above 6,300 level, following the slight recovery in the global market. US equities remained mixed after a lighter-than-expected PPI report showed a 0.2 percent increase in December, below the 0.4 percent rise forecasted,” Luis Limlingan of Regina Capital said.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi corrected slightly higher amid healthy bargain-hunting or bottom fishing after declining for three straight trading days.

Net value turnover stood at P4.5 billion, down slightly from P4.99 billion the previous day.

Foreigners were still net sellers with net outflows at P540.58 million.

Sectors were a mixed bag, with property leading the charge with a 2.03-percent surge.

Holding firms, meanwhile, recorded the biggest decline at 0.50 percent.

Market breadth remained negative, with decliners edging out advancers, 100 to 88, while 44 issues were unchanged.

Among index members, SM Prime registered the largest gain of 3.36 percent, while ACEN lost the most with 6.13 percent.

ICTSI was the top traded company, rising by 1.49 percent to P395, followed by Ayala Corp. with a 1.64-percent decline to P570.