Share prices closed higher on Thursday as bargain hunters lifted the market from a five-day slump, though analysts cautioned that trading remained subdued ahead of key economic data.
The benchmark PSEi rose 0.39 percent, or 23.99 points, to close at 6,105.92. The broader All Shares also advanced 0.39 percent, or 14.30 points, to 3,677.92.
Market breadth was positive, with 111 gainers against 88 losers, while 53 issues were unchanged. Turnover stood at ₱4.8 billion on 63,988 trades involving more than 1.06 million shares.
Foreign investors remained net sellers, unloading P237.92 million worth of shares after total sales of P2.5 billion outpaced purchases of P2.26 billion.
“The market saw a slight relief as investors engaged in bargain hunting, taking advantage of cheaper stock prices,” Luis Limlingan, managing director at Regina Capital Development Corp., said.
He added that the upcoming release of August inflation figures on Friday could “serve as a key catalyst” for near-term market direction.
SB Equities Inc. described the rebound as occurring in “light” trading, while Philstocks Financial Inc. research manager Japhet Tangtiangco said the uptick may have been no more than a “technical bounce.”
“This reflects weak confidence towards the market amid lingering headwinds,” Tantiangco said.
Abacus Securities, in a note to clients, pegged the market’s valuation at 8.9 times price-to-earnings but warned that prices “could still go lower.”
