Philippine shares rebounded on Monday as investors snapped up bargains while geopolitical tensions appeared to ease as Russia and Ukraine resumed peace talks.
By the closing bell, the benchmark Philippine Stock Exchange index (PSEi) jumped nearly 3 percent, or 202.97 points, to 7,019.92 while the broader all-shares index added 1.53 percent, or 55.58 points, to 3,694.07.
Banks and holding companies rose while mining and oil fell after prospects of talks pushed down global oil prices.
“Investors turned into bargain hunters with many looking ahead to the Federal Reserve’s next monetary policy decision later this week amid an ongoing war in Ukraine and soaring inflation,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors on Monday.
“The move was also influenced by the resumption of talks between Ukraine and Russia, sending commodities prices lower,” he added.
PSE data showed 3.61 billion shares valued at P9.6 billion changing hands, however, foreigners remained net sellers to the tune of P660.90 million.
Losers outnumbered advancers 138 to 76 while 36 companies closed unchanged.
Ayala Land Inc. was the most actively traded on Monday as it rallied nearly 4 percent to P35.40 per share.
It was followed by SM Prime Holdings Inc., up 4.14 percent to P39; International Container Terminal Services Inc., up 3.77 percent to P220; PLDT Inc., up 1.46 percent to P1,740; and SM Investments Corp., up 3.52 percent to P911 per share.
Other heavy movers were BDO Unionbank Inc., up 4.51 percent to P129.70; Solar Philippines Nueva Ecija Corp., down 10.06 percent to P1.52; Ayala Corp., up 3.88 percent to P789; Globe Telecom, down 4.68 percent to P2,240; and GT Capital Holdings Inc., down 0.40 percent to P500 per share. INQ