MANILA, June 1 (PNA) — Continuing bargain-hunting following last week’s losses further lifted the local stock market on Monday.
The benchmark Philippine Stock Exchange index (PSEi) surged 89.91 points or 1.19 percent to 7,670.37 from Friday’s 7,580.46 close.
”The outlook took another turn before the noon recess with the index breaching the 7600-line at the break as bargain hunters and technical pundits entered the scene,” Jun Calaycay, an analyst at Accord Capital Equities Corp.
Calaycay noted that Monday’s wild swing highlights the mix of views prevalent in the market.
”We can expect more of these swings in the near-term as adjustments to the broad domestic economic outlook are released and external headwinds from Greece, the US (United States) and China continues to blow,” he said.
All counters were in the positive territory, led by financials that surged 2.49 percent.
Volume of transactions reached 1.30 billion shares valued at Php7.07 billion.
Market breadth remained positive with advancers slightly outpacing decliners, 88 to 85, while 37 issues were unchanged. (PNA)