PSEi returns to 7,600 on bargain-hunting

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PHILIPPINE stocks opened the week higher and drove the benchmark index beyond 7,600 points at the close as investors sought bargains after last week’s declines.

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The Philippine Stock Exchange index gained 89.91 points or 1.19 percent to finish at 7,670.37, while the wider All-Shares index added 36.56 points or 0.84 percent to 4,397.37.

“Today was a technical bounce. The market has been oversold in the past few days,” Bryan Gomez, Citisecurities Inc. co-head of investments, said in a text message.

“We expect [trading]to remain subdued in the next few days,” he added.

The PSEi crossed the 7,650-point major resistance level, which analysts said suggests that the market may soon approach 8,000 points again.

Sectoral indices all ended in the green, led by the financials and industrial sectors with gains of 2.49 percent and 1.36 percent, respectively.

GT Capital Holdings Inc. was the sole loser among the top 10 stocks on Monday, while the rest gained in active trade, including Universal Robina Corp., SM Investments Corp., BDO Unibank Inc., Ayala Land Inc., JG Summit Holdings Inc., Metropolitan Bank and Trust Company, Ayala Corp., Manila Electric Company, and Philippine Long Distance Telephone Company.

Total trade volume was 1.24 billion shares, valued at P5.92 billion. Advancers and decliners were level at 84 issues each, while 41 stocks were unchanged.

On Friday, the bellwether PSEi increased 1.005 percent or 75.43 points to 7,580.46, while the All-Shares index climbed 0.83 percent or 36.02 points to 4,360.81.

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