Local stocks stabilized on Tuesday after Monday’s bloodbath as the slump in prices attracted selective bargain-hunting while risk appetite improved across the region.
The Philippine Stock Exchange index gained 39.33 points or 0.58 percent to close at 6,830.34, overcoming a sluggish start.
The day’s rebound was led by holding firms, which gained by 1.89 percent. The financial industrial and property counters likewise firmed up.
On the other hand, the services counter slipped by 1.13 percent while the mining/oil counter likewise remained in the red.
Total value turnover for the day amounted to P8.38 billion. Despite the PSEi’s rebound, market breadth was still negative as buyers focused on large-cap stocks.
There were 85 decliners which edged out 62 advancers while 49 stocks were unchanged.
Traders, however, had little time to trade at the local stock market yesterday. Trading was halted at 10:02 a.m. due to a technical glitch and did not resume until 2:55 p.m.