• Stock market bounces back

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    SHARE prices rebounded yesterday as bargain hunters took advantages of the decline during the large sell off last week.

    Prices of 107 issues advanced while 50 remained unchanged and 84 registered declines. Thus, the Philippine Stock Exchange (PSEi) gained50.46 points (0.64 percent) to close at 7,981.21, while the broader All Shares index gained 25.51 points (0.54 percent) to close 4,723.01.

    However, RCBC Securities Inc. said that the local market only “bounced back from Friday’s losses” but it will continue to move sideways this week and all throughout the month of August.

    “With second quarter earnings season over, investors may look to stay on the sidelines for the rest of the “ghost” month in the absence of significant corporate news,” it added.

    Industrial sector was the sole decliner among the positive sectoral indices, which were led by the property index, gaining 1.11 percent on the back of the 1.22 percent and 3.28 percent boost of SM Prime Holdings Inc. and Megaworld Corp., respectively.

    SHARE prices rebounded yesterday as bargain hunters took advantages of the decline during the large sell off last week.

    Prices of 107 issues advanced while 50 remained unchanged and 84 registered declines. Thus, the Philippine Stock Exchange (PSEi) gained50.46 points (0.64 percent) to close at 7,981.21, while the broader All Shares index gained 25.51 points (0.54 percent) to close 4,723.01.

    However, RCBC Securities Inc. said that the local market only “bounced back from Friday’s losses” but it will continue to move sideways this week and all throughout the month of August.

    “With second quarter earnings season over, investors may look to stay on the sidelines for the rest of the “ghost” month in the absence of significant corporate news,” it added.

    Industrial sector was the sole decliner among the positive sectoral indices, which were led by the property index, gaining 1.11 percent on the back of the 1.22 percent and 3.28 percent boost of SM Prime Holdings Inc. and Megaworld Corp., respectively.

    Cemex Holdings Philippines Inc., though actively traded, ended flat while Universal Robina Corp. and International Container Terminal Services Inc. were active losers.

    Aside from SM Prime and Megaworld, the top traded stocks that made price gains on Monday included Cirtek Holdings Philippines Corp., Puregold Price Club Inc., Ayala Corp., Vitarich Corp., and SM Investments Corp.
    Some 961.269 million shares were traded. Total turnover amounted to P6.319 billion.

    On Friday, the bellwether PSEi decreased by 0.28 percent or 22.06 points to 7,930.75, while the wider All Shares index also fell by 0.21 percent or 10.08 points to 4,697.50.

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