Philippine stocks bounced back Thursday from the previous day’s slump, as the benchmark index attempts to reach the 7,500 level.
“Expect some short-term profit-taking and market rotation and be prepared for pullbacks to support,” Barredo said. Mining and oil was the only sectoral index that ended in the negative territory, declining by 0.34 percent.Bank of the Philippine Islands was the top index gainer, rising by 4.55 percent to P138, while Ayala Land Inc. was the main laggard, dropping by 0.91 percent to P38.05.
China announced a fresh batch of measures to boost jobs — particularly among young people — and help the poorest with handouts, while Bloomberg reported leaders were considering pumping more than $140 billion into its large state-run banks. This week’s stimulus represents a “shift towards a more aggressive easing stance, given the sustained weakness in domestic growth”, said JP Morgan Asset Management global market strategist Chaoping Zhu.But while the policies were broadly welcomed, analysts warned much more is needed.
The latest jump came after Micron Technology unveiled on Wednesday better-than-expected sales and profit forecasts, which ramped up hopes for demand for AI gear.