Share prices ended up Thursday on bargain hunting.
The Philippine Stock Exchange index (PSEi) was up 73.59 points to 6,393.01, a 1.16 percent hike.
The broader all shares index was up 25.54 points to 3,435.24, a 0.75 percent hike.
Losers edged gainers 107 to 103 with 48 stocks unchanged. Trading turnover reached P5.6 billion.
The peso closed at 53.47 to the dollar, down from 53.435 on Wednesday.
The currency opened at 53.30 and hit a high of 53.29 and a low of 53.495. Trading turnover reached $1.14 billion.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said the market rebounded after several days of drops.
“The continuous growth in our cash remittances as seen in our April figures gave sentiment a boost. The positive spillovers from Wall Street’s overnight performance also helped in the rebound,” he said.
“This is as Federal Reserve Chairman Jerome Powell said that it is still possible for the US economy to avoid a recession amid their monetary tightening,” Tantiangco added.
Most actively traded International Container Terminal Services Inc. was down P3.60 to P186.40. SM Prime Holdings Inc. was up P1.40 to P37.90. SM Investments Corp. was up P14.50 to P809.50. Ayala Land Inc. was up P0.30 to P28.40. Converge ICT Solutions Inc. was down P0.35 to P21. Bank of the Philippine Islands was up P3.15 to P96. BDO Unibank Inc. was up P2.50 to P123.80. Universal Robina Corp. was up P2.80 to P96.80. Aboitiz Equity Ventures Inc. was up P1.80 to P50. Ayala Corp. was up P8.50 to P638.50.
