PSEi rebounds over 1% on positive sentiment

Shares on the Philippine Stock Exchange rebounded by over 1% on Monday, driven by positive sentiment overseas.

The local stock barometer climbed 78.95 points or 1.16% to 6,913.87 at the closing bell. The broader All Shares index gained 35.48 points or 0.48% to 4,270.02.

Regina Capital Development Corp. attributed Monday’s jump to the positive sentiment from US markets.

“Philippine shares kicked off Monday on a high note with shares trading back in the 6,900 range with a spillover from sentiment after a bullish Friday that saw the Dow and S&P 500 climbing to record levels anew,” he said in a mobile message.

The S&P 500 gained 1.1% to 4,369.55 on Friday’s close; the Dow Jones Industrial Average jumped 1.3% to 34,870.16; and the Nasdaq Composite grew 1% to 14,701.92. All three major indexes closed at highs.

Moving forward, Limlingan said the market will be awaiting the release of economic data later this week — inflation on Tuesday, the producer price index on Wednesday, and employment data on Thursday.

Limlingan also noted that Monday’s session was affected by the release of the latest government debt figures, which grew 21.57% to P623.59 billion at end-May.

More than 2.093 billion shares, valued at P4.835 billion, changed hands. Decliners led advancers, 106 to 94, and 54 issues were unchanged. — DVM, GMA News