Stocks resume climb

Local stocks resumed their climb for a second-straight session, bucking declines in the region, to close above 6,700 Friday.

The benchmark Philippine Stock Exchange index (PSEi) added 92.94 points, or 1.41 percent, to end at 6,701.95. The broader all-share index was also up 48.80 points, or 1.19 percent, to 4,148.41.

The benchmark measure has clawed back gains of about 2.2 percent over the last two sessions after losing about 10 percent in the six sessions from May 29. Analysts noted that the current rebound was expected although some were skeptical that this would be sustainable in the near-term.

Property stocks were again on the rebound and led the gains among sub-indices. The property sub-sector was up 2.13 percent Friday, with

heavyweight Ayala Land Inc. gaining 2.6 percent to P31.50 a share.

The increase came as Interior Secretary Manuel Roxas II said a gas explosion was behind the incident last week at Two Serendra, a high-end development by Ayala Land located in Bonifacio Global City, that caused the death of three people. The builder said it was cooperating with investigators.

PSE data, meanwhile, showed that a total of 1.34 billion shares changed hands for P9.55 billion. There were 115 advancers against 36 decliners while 38 companies closed unchanged. Miguel R. Camus