Share prices bounce back

The Local stock index Tuesday retested the 6,800-mark as investors started to take fresh position amid a string of favorable data out of China.

Rebounding strongly for the second straight session on bargain-hunting alongside upbeat data from China, the Philippine Stock Exchange index regained 90.44 points, or 1.35 percent, to close at 6,800.84.

“Some investors have already absorbed the disappointing first quarter GDP data and are scouting bargains that have opened up,” said Jonathan Ravelas of Banco de Oro Unibank.

Value turnover for the day amounted to P7.51 billion. There were 104 advancers while 43 stocks were unchanged.

The day’s most actively traded stock was Belle (-12.41 percent).

Investors picked up shares of DMCI (+4.07 percent), ALI (+3.59 percent) and URC (+2.75 percent). Megaworld, BDO and BPI also surged by over 1 percent. Doris C. Dumlao