PSEi rebounds to 7,600 level

THE LOCAL stock barometer rebounded on Monday as investors picked up oversold stocks following last week’s report of disappointing local economic growth.

The Philippine Stock Exchange index regained 89.91 points or 1.19 percent to close at 7,670.37.

All counters were up but the biggest recovery was posted by the financial counter which went up by 2.49 percent.

Source: pse.com.ph

Joseph Roxas, president of local stock brokerage Eagle Equities Inc., said investors were hunting for bargains as they expect that the government would reverse the fiscal underspending behind the sluggish 5.2-percent first-quarter domestic growth rate.

“The bad news had been priced in,” he said, noting that first quarter growth was usually slower.

Value turnover amounted to P7.07 billion. There were 88 advancers which slightly edged out 85 decliners while 37 stocks were unchanged.

The PSEi was led higher by URC and BPI which both surged by over 4 percent while BDO and Globe rose by over 2 percent. Metrobank, AC and Megaworld firmed up by over 1 percent.

On the other hand, SMIC, ALI, JG Summit, Meralco, PLDT, RLC, SM Prime and EDC also contributed to the day’s gains.

Outside of the PSEi, Vista Land rose sharply (+3.13 percent) in heavy trade.

The day’s most actively traded stock was GTCAP, which slipped by 1.15 percent. GTCAP had rallied in previous weeks following the announcement of its inclusion in the closely-tracked MSCI global index.

Jollibee and FGEN also ended lower. Non-PSEi stock Security Bank also faltered.