Local markets recovered on Friday, March 16, from bargain hunting and performance of blue chips.

The Philippine Stock Exchange Index (PSEi) closed at 8,238.15, during the closing hour, higher by 48.14 points or 0.59%, while the all-shares index closed at 4,982.50, higher by 16.06 points or 0.32%.

“In a stunning upward performance at the close, the PSEi’s value turnover reached a whopping P19.7B on the back of the FTSE rebalancing. The index managed to hold however, despite net foreign selling of P2.5B, the highest figure so far for this year,” Gio Perez of Papa Securities said in an e-mail.

The FTSE 100 closed higher on Mar. 15, halting a three-day skid. It ended at 7,139.76, 0.19% higher.

SM and Jollibee Foods Corp. led the recovery, with JFC closing at 7.5% higher, ending at 305.40. SM Investments Corp ended 2.68% higher.

“The market’s performance today was sort of a bargain hunting after the dip this morning sent the index to its correction territory. Last minute buying during the market run off further lifted the index after JFC surprisingly closed strong today by 7%. Sy companies also helped the index stay above 8,200 after investors bought more of these stocks for declining double digits since reaching their record highs last January,” Jervin S. de Celis, equities trader at Timson Securities Inc said in a message.

Holding firms closed at 8,484.16, up by 1.22 points or 0.02%; industrial at 11,619.42, up by 199.38 points or 1.75%; services at 1,729.23, up by 5.04 points or 0.29%; and property at 3,713.03 higher by 58.47 points or 1.60%.

Mining and oil were down by 180.22 points or 1.58%, to end at 11,222.83; while financials were down by 2.65 points or 0.12% to end at 2,141.83.

Total value traded was P19.7 billion. Losers outnumbered advancers 139 to 74 while 42 were flat. — Patrizia Paola C. Marcelo

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