PSEi rebounds above 7,000-mark on bargain hunting
MANILA - Philippine share prices on Friday rebounded from yesterday's bloodbath to lift the benchmark index above the 7,000 mark anew.
At the Philippine Stock Exchange, the benchmark index wiped out earlier losses to rise 68.60 points or 0.99 percent to close at 7,021.95. Leading the charge was the financial sector, which gained 1.75 percent.
However, decliners beat advancers, 89 to 66, while 48 issues were unchanged. A total of 6.28 billion stocks worth P85.16 billion changed hands.
Actively traded stocks were Metro Pacific, San Miguel Corp, Megaworld, Cosco and Puregold. Top gainers were Berjaya, Philex Petroleum and ICTSI, while the biggest losers were Cosco, Puregold and Melco Crown.
"There was cherry picking. Given the drop yesterday and the losses this morning, it got too tempting for local investors and long-term players to enter the market given the country's continued economic performance," said Astro del Castillo, managing director at First Grade Finance Inc.
The PSE index plunged 3.81 percent on Thursday despite the release of data showing a surprising 7.8 percent expansion of the Philippine economy in the first quarter.
Overnight, the Dow Jones industrial average jumped 21.73 points or 0.14 percent to close at 15,324.53 after downbeat data on US economic growth and jobless claims fuelled speculation the Federal Reserve will keep its quantitative easing program.
Global financial markets, including the Philippines, have taken a hit due to concerns that the Fed may taper its asset-buying program in the next few policy meetings if data shows improvement in the economy.
http://interaksyon.com/
MANILA - Philippine share prices on Friday rebounded from yesterday's bloodbath to lift the benchmark index above the 7,000 mark anew.
At the Philippine Stock Exchange, the benchmark index wiped out earlier losses to rise 68.60 points or 0.99 percent to close at 7,021.95. Leading the charge was the financial sector, which gained 1.75 percent.
However, decliners beat advancers, 89 to 66, while 48 issues were unchanged. A total of 6.28 billion stocks worth P85.16 billion changed hands.
Actively traded stocks were Metro Pacific, San Miguel Corp, Megaworld, Cosco and Puregold. Top gainers were Berjaya, Philex Petroleum and ICTSI, while the biggest losers were Cosco, Puregold and Melco Crown.
"There was cherry picking. Given the drop yesterday and the losses this morning, it got too tempting for local investors and long-term players to enter the market given the country's continued economic performance," said Astro del Castillo, managing director at First Grade Finance Inc.
The PSE index plunged 3.81 percent on Thursday despite the release of data showing a surprising 7.8 percent expansion of the Philippine economy in the first quarter.
Overnight, the Dow Jones industrial average jumped 21.73 points or 0.14 percent to close at 15,324.53 after downbeat data on US economic growth and jobless claims fuelled speculation the Federal Reserve will keep its quantitative easing program.
Global financial markets, including the Philippines, have taken a hit due to concerns that the Fed may taper its asset-buying program in the next few policy meetings if data shows improvement in the economy.
http://interaksyon.com/
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