Market rebounds; PSEi up 1.79%

The benchmark Philippine Stock Exchange Index rose on Monday as bargain hunters entered the scene following two straight days of decline.

The PSEi rose 1.79 percent, or 138.23 points, to 7,877.19 while the broader all-shares index was up 1.16 percent or 53.84 points to 4,686.68.

The subsectors were mostly up, save for mining and oil as well as services, which dropped 3.21 percent and 0.3 percent, respectively. Gainers were led by property, up 2.2 percent, followed by financials, up 1.97 percent and holding firms, up 1.96 percent.

The rebound on Monday came amid relatively modest trading volume. A total of 1.3 billion shares valued at P5.3 billion changed hands. There were 104 losers versus 86 gainers while 49 companies closed unchanged.

Property giant SM Prime Holdings was the most actively traded company on Monday as it rose 2.56 percent to P40 per share.

It was followed by Fruitas Holdings Inc., down 16.96 percent to P1.42; Ayala Land Inc., up 3.3 percent to P47; Bank of the Philippine Islands, up 0.52 percent to P86.40, and Ayala Corp., up 4.34 percent to P841 per share. INQ