PSEi rebounds, snaps five-day losing streak

The benchmark Philippine Stock Exchange index (PSEi) rebounded on Friday after a five-day losing streak.

The PSEi ended the session up 2.11 percent, or 159.05 points, to 7,704.60 while the broader all-shares index went up 1.56 percent, or 71.6 points, to 4,675.60.

Bargain hunters stepped into the picture after the Philippine Statistics Authority showed inflation in September this year at 0.9 percent—slower than expected.

This also bolstered prospects for further rate cuts by the Bangko Sentral ng Pilipinas, which had been easing monetary policy to support economic growth.

Optimism prevailed on Friday even as volume was relatively lackluster with 420.4 million shares valued at P5.1 billion changing hands.

The financial subsector gained the most at 3.3 percent. It was followed by property, up 2.91 percent, after the Securities and Exchange Commission formally moved to ease strict rules in the Real Estate Investment Trust framework.

Data from the PSE showed 112 gainers yesterday versus 60 decliners while 46 companies closed unchanged.

Ayala Corp. was the most actively traded on Friday as it lost 0.94 percent to P840 per share.

It was followed by International Container Terminal Services Inc., up 0.33 percent to P121; Alliance Global Group Inc., up 7.84 percent to P11.28; SM Prime Holdings, up 3.99 percent to P37.75; and Megaworld Corp., up 2.97 percent to P4.50 per share.