The stock market bounced back Thursday as investors hunted for bargains and ignored the “political noise” following two straight days of decline.
Helping yesterday’s rebound were “the lower than expected February inflation in the US and the robust fourth quarter/full-year 2024 corporate results,” Japhet Tantiangco, analyst at Philstocks Financial, said.
The Philippine Stock Exchange index (PSEi) gained 46.81 points to 6,242.07, up by 0.76 percent.
The broader All Shares index notched 19.60 points or 0.53 percent to 3,701.40.
Gainers edged out losers 90 to 93 with 45 stocks unchanged. Trading turnover reached P5.65 billion.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., meanwhile said the PSEi also resumed gains after the recent political noises remained “manageable so far.”
“The relatively orderly process on March 11, could still send positive signals on respect for the law/rule of law, authorities, and institutions locally and internationally, as the process was completed all in a day,” he said. Ricafort was referring to the arrest and transfer of former President Rodrigo Duterte to the International Criminal Court (ICC) to face charges for his alleged crimes against humanity.
“However, as a matter of prudence, the markets could still be on a wait-and-see mode if there would be risk of political noises in the coming days/weeks, but would remain noises for as long as there are no large protest rallies and no other forms of destabilization/disruptions,” he said.
Most actively traded Ayala Land Inc. shed P0.65 to P21.65. BDO Unibank Inc. gained P6 to P158. Bank of the Philippine Islands closed up P3.70 to P136.90. International Container Terminal Services Inc. closed up P3.70 at P136.90. Jollibee Foods Corp. declined by P2.80 to P257.20.
Metropolitan Bank and Trust Co. gained P1.05 to P72.05. SP New Energy Corp. added P0.10 to P1.25. RL Commercial REIT Inc. closed up P0.18 at P6.60. Universal Robina Corp. shed P2 to P70. SM Investments Corp. closed lower by P1.50 to P812.50.
