MANILA – After eight consecutive days of decline, the Philippine stock market rebounded on Monday as investors bought stocks at bargain levels, while the peso closed flat.
The Philippine Stock Exchange index (PSEi) gained 113.98 points to close at 6,272.46.
All Shares also went up by 32.57 points to 3,407.77.
"The local bourse had a strong rebound, increasing by 113.98 points (1.85%) to 6,272.46 following eight consecutive days of decline. Many investors have decided to buy stocks at bargain levels after the market’s steep decline last week," Philstock Financials Inc. research associate Claire Alviar said.
"Moreover, the increase in infrastructure spending for the first four months of the year helped lift the sentiment," Alviar said.
The mining sector was the sole loser, dropping by 0.16 percent, while other sectors followed the main index’s performance with the Properties having the biggest gain of 3.52 percent.
Decliners led advancers at 105 to 80 while 46 shares were unchanged.
The peso meanwhile closed at 58.8 to a dollar, matching the closing last Friday.
It opened at 58.85 and traded between 58.78 to 58.85, bringing the weighted average for the day at 58.811.
Total volume of trade declined to USD559.25 million from Friday's USD807.95 million. (PNA)
