PSEi rebounds on March manufacturing print

Philippine share prices rebounded on Monday, on the back of positive economic data that came out earlier during the session.

The main PSEi gained 52.06 points or 0.81% to 6,495.15 at the closing bell. The broader All Shares index rose 23.17 points or 0.59% to 3,947.46.

The manufacturing sector continued to expand in March, albeit at a slower pace than the previous month, according to results of the monthly survey conducted by IHS Markit.

"[S]ome encouraging macro data came out this morning. The country recorded a PMI of 52.2 in Mar, as per IHS Markit. This marks the third consecutive month of expansion in 2021," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

The PMI is a composite indicator of the manufacturing sector's performance, with 50.0 as the threshold. A reading above 50 indicates growth while below 50 is a contraction.

Limlingan also attributed Monday's climb to the infrastructure plan rolled out by U.S. President Joe Biden, as he said investors are now making several bets for the month ahead.

More than 1.853 billion shares, valued at P5.361 billion, changed hands. Advancers led decliners, 117 to 85, and 48 issues were unchanged.—LDF, GMA News