PSEi rebounds, gains 1.8%

The benchmark Philippine Stock Exchange index (PSEi) stocks rebounded from recent losses to close just below the 7,200 mark, in what an analyst described as a temporary recovery.

The PSEi yesterday gained 1.8 percent, or 127.11 points, to 7,193.68 as the broader all-shares index was up 1.61 percent to 4,392.78.

Despite a slew of internal and external factors, including worries over an escalating trade war between the United States and China, the PSEi managed to erase recent losses to gain some 1.8 percent week-on-week.

“Philippine stocks ended the session higher to close out the semester on window dressing and some support from the region,” Luis Gerado Limlingan, managing director at Regina Capital Development, said yesterday.

He warned, however, that the jump was “very temporary” and that volatility would remain.

Friday’s performance, nonetheless, offered some respite to investors as the PSEi remains in bear market territory.

Subsectors were up on Friday, led by property stocks, which jumped 3.05 percent. Other gainers were holding firms, up 1.65 percent, followed by industrial and services, 1.56 percent and 1.52 percent, respectively.

A total of 750.6 million shares valued at P7.1 billion changed hands yesterday. There were 120 gainers against 82 decliners while 43 companies closed unchanged.

Ayala Land Inc. was the most actively traded as it gained 2.43 percent to P37.90 a share.

SM Prime Holdings followed with a gain of 4.96 percent to P35.95 and Metropolitan Bank & Trust, up 1.94 percent.