Bargains save PSEi from Ukraine, Fed concerns

FILE PHOTO

The benchmark Philippine Stock Exchange Index (PSEi) saw a rebound on Monday as investors snapped up lower prices, withstanding heavy selling by foreigners.

By the closing bell, the PSEi rose 1.25 percent, or 90.79 points, to 7,361.15 while the broader all-shares index added 0.54 percent, or 20.81 points, to 3,892.94.

Philippine stocks pushed higher on Monday even as regional bourses were weighed down by worries over Russia possibly invading Ukraine and an unscheduled meeting by the US Federal Reserve later in the day to tackle surging inflation.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno provided assurance the central bank would maintain policy support for the economy with local inflation remaining within their target range.

PSE subsectors were mostly higher save for industrial and mining and oil, which shed 0.33 percent and 0.25 percent each.

Monde Nissin Corp., which was included in the PSEi on Monday, fell over 6 percent after Friday’s surge.

Globe Telecom, meanwhile, gained ground after a sharp selloff last week. It jumped nearly 3.5 percent yesterday.

A total of 1.2 billion shares valued at P14.18 billion changed hands.