PSE index rebounds on bargain hunting

Most local stocks rebounded on Monday as investors picked up bargains while US tax cut plans boosted risk-taking in regional markets.

The main-share Philippine Stock Exchange index added 85.78 points or 1.03 percent to close at 8,422.82, tracking the upswing in most regional markets.

Elsewhere in the region, stock markets ended mostly higher on news that the US House and Senate are keen on slashing corporate and individual tax rates.

Locally, bargain-hunting was also expected after the sharp pullback last Friday.

At the local market, all counters ended higher but the day’s upswing was led by the services, mining/oil and property counters, which all added over 1 percent.

Value turnover was relatively thin at P5.66 billion. There were 103 advancers that narrowly edged out 100 decliners while 46 stocks were unchanged.

Investors picked up shares of Ayala Land, Semirara, PLDT and Aboitiz Power, which all added over 2 percent.

SM Prime, GT Capital, URC, Globe Telecom, RCBC and Jollibee all gained over 1 percent.

Outside the PSEi, the notable gainers again included TBGI (+11.43 percent) and PXP (+5.06 percent).

On the other hand, BDO and Security Bank slipped by over 1 percent.

Outside the PSEi, Harbor Star declined by 6.44 percent.

After two consecutive years of decline, the PSEi is expected to end this year with double-digit gains. The PSEi has so far gained 1,582.18 points or 23.3 percent.