MANILA, April 23 (PNA) — Local share prices recovered from a three-day slump and returned near the 7,900 level on Thursday, tracking United States (US) markets.
The barometer Philippine Stock Exchange index (PSEi) advanced 59.02 points or 0.75 percent to 7,892.05 from previous day’s 7,833.03 close.
Jun Calaycay, an analyst at Accord Capital Equities Corp., said US stocks posted decent gains overnight despite investors’ worries on dollar’s strength that impacts on earnings of US companies generating revenue from overseas.
The Nasdaq also hit a 15-year high, closing just 13 points below its all-time record; while the broader S&P500 added 0.5 percent.
Calaycay said the advance in the domestic market, as well as most of the majors of the region, comes despite some concern-inducing news out of China whose manufacturing numbers dropped to a 12-month low.
All counters were in positive territory, led by mining and oil sector that surged 1.75 percent.
Value turnover reached Php9.59 billion with 1.04 billion shares changing hands.
Advancers won decliners, 112 to 63, while 54 issues were unchanged.
The day’s most actively traded stocks were led by SM Prime Holdings Inc., Universal Robina Corp., Philippine Long Distance Telephone, Metropolitan Bank & Trust Company and GT Capital Holdings Inc. (PNA)