Philippines Stocks Snap 8-day Decline On Profit-Taking

Local share prices rebounded on Wednesday as investors hunted for bargains after eight straight days of losses.

The benchmark Philippine Stock Exchange index (PSEi) rose 35.29 points, or 0.50 percent to 7,081.86 from previous day’s 7,046.57 close.

Value turnover reached Php6.55 billion with 2.72 billion shares changing hands.

Analysts said many investors looked at recent market correction as a buying opportunity.

Counters were mixed with holding firms, industrial and property sectors finishing in the positive territory.

The mining and oil, financials and services sectors closed in the red.

Market breadth turned negative with decliners outpacing advancers, 116 to 61, while 53 issues unchanged. (PNA) RMA/LDV