Stocks continue to recover

Most local stocks firmed up for a second session Monday, aided by an upbeat manufacturing gauge out of China.

The main-share Philippine Stock Exchange index (PSEi) gained 31.03 points or 0.46 percent to close at 6,761.99.

The day’s upswing was led by the property counter, which rose 1.16 percent, while the financial, industrial and holding firm counters gained modestly. The services and mining/oil counters slipped.

The Bangko Sentral ng Pilipinas decided to keep key overnight rates unchanged during its last monetary setting Thursday last week even as it raised special deposit account (SDA) rates by 25 basis points.

There were 101 advancers that edged out 87 decliners while 35 stocks were unchanged.

ALI (+2.49 percent) was the day’s most actively traded stock.  Doris C. Dumlao