Technical rebound lifts stocks

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A technical rebound on Monday saved the local stock market from an extended correction that started last week.

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Elizabeth Abadillo, analyst at Angping and Associates Securities Inc., said in a text message that the market went up due to technical rebound.

“There’s still a lack of fresh news so the market will still go sideways in the coming days,” she further said.

The Philippine Stock Exchange index (PSEi) began the week on the green side, rising a bit by 0.79 percent, or 45.41 points to 5,812.54, while the wider all-shares index inched up by 0.60 percent, or 21.29 points to 3,564.05.

Except for mining and oil, majority of the sectoral indices managed to make small improvements.

The property counter rose to 1.25 percent, or 26.93 points to end at 2,180.99, followed by industrial, which went up by 1.36 percent, or 113.70 points to 8,455.36. Holding firms also registered gains, climbing by 0.62 percent, or 33.16 points to 5,361.01.

Financials increased by 0.79 percent, or 11.01 points to 1,405.96, while services went up by 0.11 percent, or 1.99 points to 1,846.39.

Mining and oil, on the other hand, plummeted by 1.88 percent, or 221.42 points to 11,562.57.

Total value turnover stood thinner at P5.5 billion with advancers beating decliners this time, 80 to 69.

Some of the top gainers on Monday were SM Investments Corp., Ayala Land Inc., Universal Robina Corp., Robinsons Retail Holdings Inc., Alliance Global Group Inc., Megaworld Corp., Metropolitan Bank and Trust Co., Bank of the Philippine Islands, Jollibee Foods Corp., GT Capital Holdings Inc. and Security Bank Corp.

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