PSEi rebounds, back at 6,600 level

The local stock barometer yesterday climbed back to the 6,600 level as regional markets cheered a rebound in oil prices amid hopes for a less “hawkish” US Federal Reserve.

The Philippine Stock Exchange index racked up 131.35 points or 2.01 percent to close at 6,652.83.

All counters were up but the biggest gainer was the mining/oil counter which rose by 5.87 percent while the holding firms and property counters gained over 2 percent.  The industrial and services counters advanced by over 1 percent.

Value turnover for the day hit P6.71 billion. There were 134 advancers, 42 decliners and 31 stocks unchanged.

RLC and Megaworld led the PSEi higher with their over 6 percent gain.

With this rebound, the PSEi moved away from “bear” territory or a retreat of 20 percent from the market peak of 8,127 posted in April 2015. Doris Dumlao-Abadilla