PH shares end 8-day slump in ‘furious’ rally near 6,300

MANILA, Philippines — The local bourse made a strong comeback on Monday as bargain hunters took advantage of the low prices brought about by consecutive days of declines.

The benchmark Philippine Stock Exchange Index (PSEi) snapped its eight-session losing streak as it gained 1.85 percent, or 113.98 points, to 6,272.46.

Likewise, the broader All Shares Index rose by 0.96 percent, or 32.57 points, to 3,407.77.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the local market “made a furious rebound to start the week after the dramatic sell-off last Friday, as investors went on bargain [hunting] across the board” ahead of the end of the first semester.

READ: Asian markets track weak US lead, eyes on yen

He added that investor sentiment this week would still depend on the Bangko Sentral ng Pilipinas’ interest rate decision on Thursday.

Property stocks climb

Value turnover was at P6.17 billion for 356.23 million shares, stock exchange data showed.

Property firms enjoyed the steepest climb, gaining 3.52 percent, buoyed by increases in index heavyweights SM Prime Holdings Inc. and Ayala Land Inc. (ALI).

International Container Terminal Services Inc. of ports tycoon Enrique Razon Jr. was the top-traded stock as it rallied by 4.75 percent to P331 each.

It was followed by Bank of the Philippine Islands, up by 1.55 percent to P111.50; DigiPlus Interactive Corp., which plunged by 12.04 percent to P13; SM Investments Corp., up 0.30 percent to P838.50; and SM Prime, which expanded by 5.06 percent to P27 per share.

Other actively traded stocks were BDO Unibank Inc., up by 0.55 percent to P128; ALI, up by 4.92 percent to P27.70; PLDT Inc., up 0.74 percent to P1,360; Jollibee Foods Corp., up 3.32 percent to P218; and Ayala Corp., up 3.54 percent to P585.

There were 105 losers against 80 gainers, while 46 companies were unchanged at closing. —Meg J. Adonis INQ