PSEi back to 8,700

The local stock barometer rallied to the 8,700 mark on Monday in line with mostly firmer regional markets.

The main-share Philippine Stock Exchange index (PSEi) advanced by 97.78 points or 1.14 percent to close at 8,710.22.

Most regional markets ended higher but trading volumes were thin as some big markets, including those in China and Hong Kong, remained closed for the Lunar New Year break.

At the local market, all counters ended higher, led by the services, mining/oil and property firms.

Value turnover for the day amounted to P9.7 billion. There were 141 advancers that edged out 65 decliners while 44 stocks were unchanged.

Foreign investors were net buyers at a modest amount of P44.92 million.

The PSEi was led higher by BDO, BPI, Metrobank and Metro Pacific, which all surged by over 3 percent.

Ayala Land, AGI and PLDT all added over 2 percent while RLC gained over 1 percent. SM Prime also contributed gains.

Outside the PSEi, stock pundits snapped up shares of PXP Energy and MRC Allied, which both surged by over 17 percent in heavy volume.

It was earlier reported that the Philippines and China were working on how to jointly explore oil and gas in parts of the South China Sea (SCS) without infringing on their respective sovereignty claims.

MacroAsia rose by 10 percent.