Philippine share prices rebounded yesterday recouping losses posted in the previous two consecutive sessions.
The Philippine Stock Exchange index (PSEi) was up 108.95 points to 7,283.25, a 1.52 percent hike, nearly wiping out the previous days’ loss of 1.64 percent. Gainers edged losers 113 to 75 with 48 stocks unchanged. Trading turnover reached P7.59 billion.
“The market rebounded fueled by good corporate earnings by some index stocks. But you have to note that some of the drivers for today are stocks that were recently battered by the drop,” said Aristotle Reyes, Jr., trader at UPCC Securities Corp.
Online brokerage firm 2tradeasia.com said the uptick was also a result of the US market’s overnight gains” as optimism is likely to surface from clearer outlook on how the US economy will be supported by expansionary fiscal policies in the near term.”
Most actively traded Ayala Land Inc. was up P0.40 to P36.40. Ayala Corp. was up P2 to P788. SM Investments Corp. was up P19 to P675. Universal Robina Corp. was up P0.50 to P160.50. SM Prime Holdings Inc. was up P0.30 to P29.90. Jollibee Foods Corp. was up P4.60 to P206. BDO Unibank Inc. was up P2 to P115. JG Summit Holdings Inc. was up P2.80 to P75.80. GT Capital Holdings Inc. was down P3 to P1,225.
The Indonesian stock index was marginally lower on Thursday, after the much-watched first round election for Jakarta governor produced no clear outcome, while most other Southeast Asian markets rose in line with Asian peers.
Unofficial sample vote counts pointed to a second round between the incumbent Basuki Tjahaja Purnama and Anies Baswedan, a Muslim former education minister, after neither appeared to win a majority in Wednesday’s election.
The Jakarta SE Composite index which fell as much as 0.4 percent, recouped some losses after data showed that the country’s January exports surged more than expected on rising commodity prices.
Indonesia’s PT Bank Mandiri Tbk fell as much as 4.6 percent, its biggest intraday percentage drop in 12 weeks. The biggest Indonesian bank by assets reported a 32 percent drop in its 2016 net profit to the lowest in five years, after market close on Tuesday.
Indonesian markets were closed on Wednesday for the Jakarta poll.
Philippine shares surged as much as 1.6 percent, their biggest intraday jump since Jan. 23, led by industrials and financials.
“ As of now we have net foreign buying of P270 million ($5.4 million), which bucks the trend from the past trading session,” said Victor Felix, equity analyst at AB Capital Securities.
Philippine conglomerate SM Investments Corp gained as much as 3.5 percent to record its biggest intraday jump in more than three weeks.
Vietnam shares gained as much as 0.6 percent to a hit a nine-year high. The index was on track for its fifth straight session of gains, led by financials and consumer staples.
Vietcombank and Saigon Beer Alcohol Beverage Corp were each up about 1 percent.
Meanwhile MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 percent, rising to its highest since July 2015. It is up by a tenth so far this year partly underpinned by more optimistic earnings expectations and a gradual unwinding of bearish emerging market bets.
Australian stocks advanced 0.4 percent in early deals with looming jobs data the key event risk on the day. A strong showing would set the market up for further gains with technical indicators helping.
“The index has now closed above the key technical resistance level at 5,800 which is a bullish sign opening up further gains in the coming months back towards 6,000,” said James Woods, global investment analyst at Rivkin Securities in Sydney.
Wall Street pushed further into record-high territory on Wednesday, with the S&P 500 notching a seven-session winning streak, helped by robust economic data and optimism that President Donald Trump will cut corporate taxes.