By Leslie D. Venzon
MANILA, June 16 (PNA) — Philippine share prices rebounded and regained the 7,500 level on Tuesday on bargain hunting after previous day’s decline.
The main index surged 49.32 points to 7,505.48 from Monday’s 7,456.16 close.
BDO Unibank chief market strategist Jonathan Ravelas attributed the market’s recovery to bargain hunting as some support emerged at the 7,450 levels.
”Let’s see if the market can sustain this rally and try 7,800 levels. However, note that this uptick is still viewed as a technical bounce and 7,000 levels remain the key risk,” Ravelas said.
All counters were in the positive territory, led by services that gained 1.16 percent.
Trading volume was thin with only 813.4 million shares valued at Php7.43 billion.
Decliners outpaced advancers, 85 to 77, while 55 issues were unchanged.
The day’s most actively traded stocks were led by Universal Robina Corp., GT Capital Holdings Inc., Globe Telecom Inc., BDO Unibank Inc. and Philippine Long Distance Telephone Company. (PNA)