PHL shares snap 3-day losing streak, PSEi up 1.7%

Philippine share prices snapped a three-day decline as bargain hunters — encouraged by the positive results of US stocks overnight on Wall Street — dominated the session. The Philippine Stock Exchange index soared 67.39 points or 1.76 percent to close at 3,890.52 while the All Shares index surged 31.83 points or 1.15 percent to 2,791.69. Gainers outpaced losers 97 to 37 losers, and 38 stocks closed unchanged. All six sectoral indices advanced, led by Mining & Oil's 3.03-percent climb. More than 7.49 billion shares valued at P4.30 billion were traded. "Smart money... should stay on the prowl for fundamental bargains, adopt a long-term outlook and utilize a cost-averaging trading strategy to weather this storm and position for above-average returns moving forward," said trader Justino Calaycay Jr. of Accord Capital Equities in a market note. — CMA/VS, GMA News