The PSEi, paring losses this year to about 9 percent, rose for a second straight session, adding 2.01 percent, or 117.10 points, to 5,930.81.
“It seems that the jump today was just a byproduct of technical bounces from the index heavyweights…as there were no convincing catalysts today,” Shawn Atienza, AP Securities research analyst, said in a message to InsiderPH.
He added the PSEi was now trading just above its 5,930 resistance.
“[W]we expect the index to consolidate around 5,930 to 6,050 next since we came off from a sharp selloff since the start of November. The new 6,050 resistance is reachable before the end of the year,” he added.
Ayala Land led active stocks on Thursday, gaining 3.56 percent to P20.05.
It was followed by International Container Terminal Services, up 1.29 percent to P549.50; BDO Unibank, up 4.08 percent to P132.50; Bank of the Philippine Islands, up 2.98 percent to P110.70; and SM Investments Corp., up 1.57 percent to P710 per share.
A total of P15.68 billion worth of shares changed hands, including nearly P8.5 billion worth of block sales at online gambling giant DigiPlus Interactive.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
