Stocks bounced back Thursday after Wednesday’s sell-off as bargain hunters cautiously picked up shares with promising earnings.
The PSE index, the 30-company barometer of the Philippine Stock Exchange, climbed 93.48 points, or 1.44 percent, to close at 6,576.76, while the broader all-shares index advanced 35.63 points to 3,499.49.
“The market brushed aside worries about the US credit rating downgrade and rallied back on the back of corporate earnings from key names and expectations that Philippine July CIP print will show sustained inflation deceleration,” China Bank Capital managing director Juan Paolo Colet said.
Colet said investors also took advantage of the recent sell-off to buy shares that reported or were expected to report positive first-half results.