SHARE prices rebounded on Thursday as investors went bargain-hunting after three straight sessions in the red.
The bellwether Philippine Stock Exchange index (PSEi) jumped 2.72 percent or 215.38 points to close at 8,124.45. The broader All Shares rose 2.11 percent or 101.11 points to end at 4,890.17.
“This is a technical bounce after several days of run-up. Several investors opted to bargain-hunt given that the PSE is already at an attractive level,” First Grade Finance, Inc. Managing Director Astro del Castillo said.
Concerns emanating overseas have also dissipated after the US Federal Reserve announced a 25-basis point increase in interest rates, as expected, to a target range of 1.5 percent to 1.75 percent.
“This gave an opportunity for investors, for bargain-hunters to enter,” Del Castillo said.
Regina Capital Development Corp. Managing Director Luis Limlingan said local investors bought on dips, adding that many were also expecting the Bangko Sentral ng Pilipinas (BSP) to refrain from raising interest rates.
Thursday’s trading closed just before monetary authorities announced that they were keeping the BSP’s policy rate unchanged as inflation was expected to remain within target.
Sectoral results were all in the green, led by property that rose 4.30 percent.
More than two billion shares valued at P8.37 billion changed hands.
Winners led losers, 122 to 75, while 47 issues remained unchanged.