STOCKS climbed on Friday after the massive sell-offs in the previous day.
The bellwether Philippine Stock Exchange index (PSEi) rose 155.34 points or 3.36% to close at 4,778.76 yesterday. The broader all shares index gained 67.07 points or 2.32% to 2,948.65.
“Local shares closed higher after a short but volatile trading session, partially erasing steep losses. Investors bought shares in the index which has not traded in these levels for around 8 years,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.
The local market is operating on shortened trading hours — 9:30 a.m. to 1 p.m. — while Luzon is on quarantine.
The main index climbed to as high as 4,936.2 intraday. It hit its lowest at 4,677.66 before settling at 4,778.76 at the close.
“Bargain hunters searched for names with value, hence most of our blue chips ending with more than 10% gains,” Timson Securities, Inc. Trader Darren T. Pangan said in a text message.
Some of the biggest gainers among PSEi-member stocks yesterday were Ayala Land, Inc. (14.60%); San Miguel Corp. (14.48%); BDO Unibank, Inc. (14.12%); Security Bank Corp. (12.20%); and DMCI Holdings, Inc. (12.16%).
But some closed lower, like GT Capital Holdings, Inc. (14.46%); PLDT, Inc. (6.87%); Megaworld Corp. (5.43%); and Globe Telecom, Inc. (4.99%).
All sectoral indices closed in green territory on Friday. Financials gained 72.74 points or 6.66% to 1,163.69; holding firms added 166.28 points or 3.74% to 4,602.06; property picked up 59.73 points or 2.48% to 2,468.33; services grew 11.03 points or 1.07% to 1,037.71; industrials climbed 47.22 points or 0.79% to 6,022.65; and mining and oil inched up 24.60 points or 0.66% to 3,745.47.
Value turnover stood at P6.66 billion with 659.47 million issues switching hands, slimmer from Thursday’s P9.42 billion with 1.25 billion issues.
Overseas investors trimmed their selling with net foreign outflows dropping to P654.7 million from P2.4 billion the previous session.
Advancers outpaced decliners, 117 against 85, while 30 names closed unchanged.
“We may have to see if the 4,000 support level holds next week, or if the gap near the 5,000 level shall be filled,” Mr. Pangan said. — Denise A.Valdez