MANILA, Nov. 24 (PNA) — Local share prices staged a good recovery on Monday after China reduced interest rates over the weekend.
The barometer Philippine Stock Exchange index (PSEi) increased 48.95 points to 7,325.13 from Friday’s 7,276.18 close.
Online brokerage 2TradeAsia.com said that China central bank’s move to reduce benchmark borrowing and lending rates inspired portfolio fund managers to buy this week.
It noted the move supports calls for continued stimulus to boost economic activity region-wide.
All counters were in positive territory, with the property, industrial and mining and oil increasing 1.19 percent to 1.56 percent.
2TradeAsia.com said mining and oil sector benefited from the recent uptick in crude futures prices.
A total of 5.32 billion shares valued at Php7.06 billion changed hands.
Advancers dominated decliners, 99 to 80, while 47 issues unchanged.
The day’s top gainers were led by Primex Corp., Megaworld Corp., Splash Corp., Philippine Realty and Holdings Corp. and Imperial Resources Inc. (PNA)