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Stocks bounce back

/ 11:25 PM May 31, 2013

The local stock index on Friday bounced back to the 7,000 level, recovering from the previous day’s slide brought on by selective buying.

The main-share Philippine Stock Exchange index added 68.60 points, or 0.99 percent, to close at 7,021.95.

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The day’s upswing was led by the financial sector, which advanced by 1.75 percent. The industrial, services and property counters also firmed up.

On the other hand, the holding firm and mining/oil counters remained in negative territory.

Value turnover amounted to P85.25 billion due to the Puregold shares that were infused into businessman Lucio Co’s holding firm Cosco (P45.99 billion).

The PSEi’s rebound was led by ICTSI (+6.95 percent), Belle (+4.49 percent), EDC (+4.2 percent) and URC (+4.06 percent).

Trading on SM stocks was halted as the group announced the consolidation of property units into SM Prime.

Across the region, trading remained muted with the exception of Japan, whose Nikkei 225 likewise bounced sharply from the previous day’s selldown. Global investors were still jittery on whether the US would curb its monetary stimulus program. Doris C. Dumlao

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