By Arra B. Francia, Reporter
Shares bounced back on Tuesday, May 8, as index heavyweights reported positive performances for the first quarter of 2018, prompting investors to go bargain hunting.
The bellwether Philippine Stock Exchange index climbed 0.59% or 44.29 points to close at 7,577.57 yesterday. The broader all-shares index likewise rose 0.6% or 27.72 points to 4,629.33.
“SM Prime Holdings, Inc. and Ayala Land, Inc. (ALI) reported double-digit growth. These issues manifested a good growth of the consumer as well as property sector, which definitely boosted investor confidence,” Diversified Securities, Inc. equities trader Aniceto K. Pangan said in a phone interview.
SM Prime on Monday said net income grew by 15% to P7.6 billion, driven by its provincial mall expansion. Shares in the company were among the most actively traded for the day, jumping 4.79% to P33.90 each.
On the other hand, ALI’s earnings grew 17% to P6.52 billion as it benefited from higher residential sales alongside commercial leasing revenues. ALI’s share price gained 0.25% to close at P40.10 each on Tuesday.
“Plus most of regional markets were up which carried on the investors to bargain hunt on a number of issues helping the market to move up, rebound on today’s trading,” Mr. Pangan added.
The financials sector was the lone sub-index that declined, losing 0.59% or 11.21 points to 1,886.54.
Property surged 2.06% or 72.23 points to 3,582.03. Mining and oil went up 0.69% or 68.55 points to 10,082.93; services gained 0.56% or 8.49 points to 1,524.94; industrial added 0.5% or 54.99 points to 11,054.47; while holding firms closed 0.44% or 33.47 points higher to 7,610.70.
Advancers outpaced decliners by a hair, 98 to 96, while 48 issues were unchanged.
The trading of some 793.39 million issues resulted to a value turnover of P7.23 billion, higher compared to the P5.9 billion seen on Monday.
Net foreign outflows slimmed to P225.77 million, versus the P462.74-million net sales recorded in the previous session.

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