PHILIPPINE share prices rebounded on Monday from Friday’s losses as the local market tracked gains in the region and on Wall Street.
The bellwether PSE index firmed up 0.62 percent, adding 48.60 points to close at 7,934.50. The broader All Shares rose 0.36 percent or 17.19 points to finish at 4,753.01.
The “Philippine markets swung back to gains from Friday’s losses, with US indices closing Friday’s session higher from the mixed sentiment brought by corporate bank results and poor data on retail sales and inflation – leading participants to suspect the US Federal Reserve is back on a dovish mindset,” Regina Capital Development Corp. President Marita Limlingan said.
The Dow Jones Industrial Average inched up 0.39 percent. The S&P 500 rose 0.47 percent and the tech-heavy Nasdaq grew 0.61 percent.
Apart from mimicking the US market, local shares gained on bargain-hunting following declines last week, Summit Securities Inc. President Harry Liu said.
However, he saw no major catalyst in the day’s trade that could push the market up to break the 8,000 level, “and we are still waiting for bigger news.”
Joylin Telagen, research head at IB Gimenez Securities, sees better-than-expected growth data from China also bolstering investor sentiment.
Earlier, China reported that its second-quarter economic growth data had topped expectations, rising 6.9 percent on the back of industrial output pick-up, with investments remaining strong.
Indices on the PSE were mixed. Property climbed 0.90 percent, while holding firms gained 0.79 percent, Industrials rose 0.46 percent, Mining and Oil inched up 0.07 percent, while Services closed little changed, with a 0.009 percent gain. Financials were down 0.03 percent.
More than 3 billion issues were traded, valued at P6.5 billion.
Decliners led gainers narrowly by 105 to 103, while 51 issues finished unchanged.