Market rebounds

Local stocks rebounded sharply Thursday on news that key central banks around the world would provide cheap loans to banks in the euro zone.

The main-share Philippine Stock Exchange index jumped by 79.55 points or 1.9 percent to finish at 4,290.59.

All counters were up but the holding firm, property and services sectors posted the biggest gains, rising by 2.3 percent, 2.16 percent and 2.42 percent, respectively.

Value turnover was heavy at P12.5 billion, including P5.13 billion worth of cross transactions on blue chips BPI, Metrobank, PLDT, ICTSI, SMC, URC, SMIC and EDC.

Reflecting the resurgence in risk appetite across global markets, net foreign buying amounted to P2 billion during the day.

There were 97 advancers against 46 decliners, while 55 stocks were unchanged.

Investors loaded up on shares of SMC, ICTSI, PLDT, Metrobank, Lepanto A, AGI, BPI, Megaworld, EDC, ALI, FPH, BDO, SMIC, First Gen, Ayala Corp., Aboitiz Power and MPI.

URC and Lepanto B traded lower.

On Wall Street, the closely watched Dow Jones Industrial Index rallied by 490.05 points, or 4.24 percent, to finish at 12,045.68, chalking up its heftiest gain in more than two years.

This developed as the Federal Reserve, along with five other central banks from industrialized nations, moved to aid banks in the euro zone by releasing additional liquidity. Doris C. Dumlao