The Philippine Stock Exchange index recovered 57.67 points or 1 percent to close at 5,793.94, supported by local investors who made up for about P1.64 billion in net foreign selling.
“The market wildly gyrated today, declining as low as 5,097, which triggered the PSE’s 10-percent circuit breaker and ushered in a 15-minute cool off period for investors to snap back to their senses. Investors did take the break to regain some sort of composure and digest some of the latest developments which prompted them to reassess their trades,” said PNB Securities president Manuel Lisbona.
After opening at 5,362.92, the market found its bottom for the day at 5,097.90, a new 52-week low for the index. Elsewhere in the world, risk aversion remained high. On the other hand, the mining/oil, property and industrial counters remained in the doldrums, respectively falling by 4.72 percent, 2.5 percent and 0.65 percent.Despite the PSEi’s gain for the day, market breadth was negative. There were more decliners than advancers in the market, indicating selective buying of large-cap stocks.
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