The benchmark Philippine Stock Exchange Index (PSEi) staged a modest rebound on Monday after bargain hunters helped defend the 5,700 support zone.
The PSEi closed higher by 0.73 percent, or 42.08 points, to 5,783.15 after touching a low of 5,699.30 earlier in the session. The broader All Shares Index rose 0.2 percent, or 6.23 points, to 3,114.13.
“Philippine shares were bought up towards closing after bargain hunters made bets that central bankers across the globe would step in to combat inflation while making sure growth would not falter,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Monday.
“Reports have been circulating that the Fed itself will hold an emergency meeting in light of the recent development in the currency and fixed income securities market,” he added.
Subsectors were mostly higher, led by holding firms and property stocks, which rose 1.07 percent and 0.62 percent, respectively. Mining and oil and services fell 1.37 percent and 0.19 percent while financials and industrial stocks were up 0.57 percent and 0.11 percent each.
Trading volume sank further with 613.35 million shares valued at P3.95 billion changing hands.
International Container Terminal Services Inc. was the top traded stock as it rose 3.96 percent to P162.80 per share.
It was followed by Ayala Land Inc., up 0.66 percent to P23; SM Prime Holdings Inc., up 1.66 percent to P30.60; Globe Telecom Inc., down 1.58 percent to P1,998; and BDO Unibank Inc., down 0.09 percent to P111.40 per share.
Ayala Corp. closed flat at P616; Manila Electric Co., up 5.4 percent to P227.20; Jollibee Foods Corp., up 2.27 percent to P234.20; SM Investments Corp., up 4.83 percent to P760; and Bank of the Philippine Islands, up 2.79 percent to P92 per share.
Overall, there were 139 losers against 51 advancers while 43 companies closed unchanged, stock exchange data showed. INQ