Phl stocks rebound on Wall St gains
MANILA, Philippines - Local stocks rebounded yesterday, boosted by the upbeat tune provided by markets abroad.
The PSEi rebounded from last Friday’s decline, gaining 0.78 percent or 54.31 points to close at 7,057.53. The broader all shares index also picked up 0.57 percent or 23.47 points to end at 4,173.75.
“The market followed leads in the global market as there was no domestic news to lift it,” said Alex Tiu, analyst at AB Capital Securities Inc.
Markets abroad, especially in the US, were solid following strong US data on consumer sentiment and housing. All three indexes in Wall Street finished in the positive territory with the Dow leading the charge as it climbed 1.63 percent or 263.17 points.
The positivity abroad were reflective in the local market as four of the six counters closed in the green led by the industrial and property firms which grew 1.41 and 1.23 percent, respectively.
Services, and mining and oil firms, meanwhile, declined slightly by 0.09 and 0.04 percent, respectively.
Market breadth was positive as advancers outnumbered decliners, 89 to 78, while 44 stocks did not change. Value turnover stood at P6 billion.
“General outlook for Tuesday is that the index could again be moving sideways,” Tiu said.
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