Stocks bounce back to 8,000 level

The local stock barometer Tuesday climbed back to the 8,000 level as regional markets were perked up by talk of further monetary easing in the UK.

The Philippine Stock Exchange index added 61.48 points or 0.77 percent to close at 8,055.06, gaining for the second session.

The financial, industrial, holding firm and property counters contributed to the day’s gains.  On the other hand, the services and mining/oil counters slipped.

Value turnover for the day amounted to P9.51 billion.  Domestic investors supported the PSEi’s rise as there was P259 million in net foreign selling.

Despite the PSEi’s rise, market breadth was negative.  There were 99 decliners, outnumbering 93 advancers, while 42 stocks were unchanged.

ALI and SMIC led the PSEi higher, both rising by more than 2 percent.  SMPH, BPI, BDO and EDC all advanced by more than 1 percent.

GT Capital, MPI, URC and Megaworld also contributed to the PSEi’s rise.

Outside of the PSEi, the following stocks gained in heavy volume: Cirtek (0.22 percent), Cosco (+3.4 percent) and Max’s (+3.34 percent). Doris Dumlao-Abadilla