PSEi returns to 6,400 level

MANILA, Philippines — The local stock barometer returned to the 6,400 level on Monday on quarter-end portfolio buying as well as bets on monetary stimulus in China.

Rising for the second consecutive session, the main-share Philippine Stock Exchange index gained 69.09 points or 1.09 percent to close at 6,428.71.

All counters were up but the biggest gainer was the mining/oil counter, which surged by 2.29 percent. The industrial, holding firm and property counters all gained by over 1 percent.

Stocks typically rise at the end of every month or quarter due to window-dressing activities. Dealers said the recent decline in equities had also allowed investors to take fresh positions in the market.

Value turnover for the day amounted to P9.98 billion. There were 95 advancers versus 59 decliners while 50 stocks were unchanged.

The day’s biggest gainers were Semirara (+4.75 percent), RLC (+4.04 percent), URC (+3.65 percent) and Bloomberry (+3.51 percent) while AC, JGS and Meralco were all up by 2 percent. ALI, DMCI, Megaworld, SMIC, BDO and EDC all rose by over 1 percent while PLDT and BPI contributed modest gains.

On the other hand, AP declined by 1.2 percent while GTCAP, Metrobank and AGI likewise closed lower.

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