Stocks up on US, China news

Most local stocks rebounded Monday as investors took their cue from a firmer China manufacturing gauge alongside upbeat US stocks.

The main-share Philippine Stock Exchange index (PSEi) added 62.75 points or 0.94 percent to close at 6,710.40, ending the two-day slump seen since the government reported a lower-than-expected first-quarter gross domestic product (GDP) growth of 5.7 percent.

All counters were up but the biggest gainer was the services sub-index, which rose 1.47 percent.

There were 105 advancers, which beat 62 decliners, while 47 stocks were unchanged. Value turnover amounted to P7.03 billion.

Among PSEi stocks, the biggest gainers were DMCI (+5.19 percent) and AGI (+3.04 percent) while Ayala Land and PLDT both surged more than 2 percent. BPI, LT Group, Ayala Corp., ICTSI, Aboitiz Power and Metrobank also contributed to the day’s gains, all advancing by more than 1 percent.

Outside of PSEi stocks, the notable gainers included Security Bank (+0.97 percent), the day’s most actively traded stock, which is embarking on a preferred shares offering to existing shareholders. This is seen to provide leeway in attracting foreign investors. Doris C. Dumlao