The local stock market snapped its five-day losing streak as it inched up 1.93 percent Monday.
The Philippine Stock Exchange index rose above the 6,500 level, as it closed at 6,502.12, up by 122.95 points.
The all shares index finished higher by 1.41 percent or 48.88 points to settle at 3,506.28.
The peso closed slightly weaker at 52.493 to the dollar from Friday’s 52.45.
The currency opened at 52.4 and hit a high of 52.499 and a low of 52.38.
Total volume amounted to $549.84 million.
“(The) Local (stock) market rebounded as bargain hunting on battered down heavyweights such as SM, SMPH and JGS pushed the index in positive territory,” AB Capital Securities Inc. said.
All counters were in green, with the property sector posting the biggest gain with a 3.16 percent jump.
“Philippine shares bounced back following the relief rally last week of the US, preventing the S&P500 from tumbling into the bear market territory,” Luis Limlingan, managing director at Regina Capital and Development Corp., said.
Total value turnover was at P8.06 billion.
Advancers beat decliners, 118 to 79, while 43 stocks were unchanged.
A Reuters report also said stocks in the Philippines and India kick-started the week on a firmer footing despite shockingly weak data from China that has stoked concerns about the implications for the health of the global economy.
“The benchmark stock index in the Philippines jumped 2.4 percent, poised for its best session in two months. That follows five straight sessions of losses that made for a 5.6 percent decline on the week. Although data last Thursday showed the Philippine economy grew at a better-than-expected 8.3 percent in the first quarter, the increased likelihood of a rate hike to tackle inflation had hurt sentiment,” the report said. – ANGELA CELIS
