The local stock barometer rebounded sharply Monday, retesting the 6,400 level, as global markets extended their rally on bets of monetary stimulus from major central banks.
The main-share Philippine Stock Exchange index (PSEi) gained 226.03 points or 3.64 percent to close at 6,434.08.
To date, however, the index is still 20 percent off from the peak level in April 2015, thereby remaining in bear territory.
The day’s rally was led by the interest rate-sensitive property counter, which rose 5.47 percent, while holding firms were up 4.27 percent. The financial counter advanced 2.09 percent while the industrial counter rallied by 1.35 percent. Even the mining/oil counter—-heavily battered by the global slump in commodities—was up 1.17 percent.
Value turnover for the day amounted to P6.67 billion. There were 131 advancers, which edged out 46 decliners, while 35 stocks were unchanged.
Ayala Land led the PSEi higher with its 7.52-percent gain while AGI rose by 6.06 percent. SM Prime and SMIC both surged more than 5 percent while Metrobank gained 4 percent.
Investors also snapped up shares of PLDT and ICTSI, which both rose more than 3 percent.
Outside of PSEi stocks, DNL (+3.47 percent) and RRHI (+0.52 percent) gained in heavy volume. Doris Dumlao-Abadilla