Philippine stocks rebounded Monday to end eight straight trading days of decline on bargain-hunting.
The 30-company Philippine Stock Exchange index returned to the 6,200 level, closing at 6,272.46, up 113.98 points, or 1.8 percent from the previous trading. The broader all-shares index also recovered 32.57 points, or 0.96 percent, to reach 3,407.77.
“Philippine shares made a furious rebound to start the week after dramatic sell-off last Friday as investors went bargain-hunting across the board ahead of window-dressing to end the semester,” Regina Capital Development Corp. head of sales Luis Limlingan said.
The market, however, is expected to return to sideways movement in the coming days, as investors await the outcome of policy meeting of the Monetary Board of the Bangko Sentral ng Pilipinas on Thursday.
Among the six sectoral indices, only mining and oil ended in the red, declining by 0.16 percent.
The property subsector posted the biggest gain, rising 3.52 percent, followed by services with 2.46 percent and holding firms with 0.85 percent.
Value turnover improved to P5.51 billion.
Meanwhile, the peso closed flat at 58.80 against the US dollar Monday, still near a 19-month low.
