Index rebounds on bargain hunting

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) rebounded yesterday as bargain hunting kicked in to push the index higher.

The benchmark index rose 0.46 percent or 32.60 points to 7,083. 49, while the broader all shares index gained 0.63 percent or 26.19 points to 4,196.20.

“There was a bargain hunting in the market today (Monday) as prices were at the basement levels already following the big decline last week,” AB Capital Securities Inc. analyst Joyce Ramos said.

Ramos said foreign markets were also generally good yesterday as the local market followed leads from US and Asia.

Asian markets held on to early gains even despite the downbeat China manufacturing survey.

Locally, all counters ended in positive territory except for services firms which took a decline of 1.08 percent or 24.27 points.

Holding firms counter led the other five counters which gained as it picked up 1.16 percent or 71.32 points.

A total of 1.36 billion shares changed hands with only the services sector retreating.

The value of shares traded reached P8.41 billion, as advancers beat decliners, 110 to 76, while 41 stocks were unchanged.