Local stocks rebound

The local stock barometer rebounded on Friday as investors took their cue from an overnight recovery in Wall Street.

The main-share Philippine Stock Exchange index added 40.74 points or 0.64 percent to close at 6,449.50.

For the week, the index shed a total of 125.93 points or 1.9 percent. The local market entered bear territory this week as it has fallen by 20 percent since the peak finish at 8,127.48 on April 10, 2015.

Across the region, however, trading was sluggish as China’s stock market also slumped to bear market territory.

The day’s gains were supported by the industrial, holding firm, services and property counters which eked out modest gains.

On the other hand, the mining and oil counter slumped by 1.19 percent while the financial counter ended slightly lower.

Value turnover for the day amounted to P5.62 billion. There were just as many advancers as decliners in the market while 39 stocks were unchanged.

RLC was the day’s biggest gainer, rising by 5.49 percent while URC also advanced by 2.19 percent.

Metrobank, ALI, ICTSI, SMIC and Globe advanced by 1 percent while BPI, PLDT, AC, GTCAP and Jollibee also firmed up.

On the other hand, FGEN and Megaworld slipped by 3.1 percent and 1.88 percent, respectively. JG Summit and MPI also slipped.

Outside of PSEi stocks, Security Bank fell by 3.13 percent as investors locked in gains after Thursday’s rally spurred by news of partnership with Japanese banking giant Bank of Tokyo-Mitsubishi. Doris Dumlao-Abadilla