By Leslie D. Venzon
MANILA, Oct. 3 (PNA) — The Philippine stock market rebounded on Friday on bargain-hunting after a two-day slump.
The benchmark Philippine stock exchange index (PSEi) increased 50.77 points to 7,247.03 from previous day’s 7,196.26 close.
”Traders consider(ed) the recent selloff a good opportunity to take position in bargains,” said online brokerage firm 2TradeAsia.com.
The firm said the recovery in Wall Street also boosted the local bourse, after the European Central Bank bared its asset purchase program to boost inflation and jumpstart the euro area economy.
All counters were in the positive territory, led by mining and oil and financials that edged up 1.03 percent and 1.17 percent.
Volume of transactions reached 29.77 billion shares valued at P8.92 billion.
Gainers dominated decliners, 96 to 68, while 49 issues were unchanged. (PNA)