Bargain hunting lifts PSEi back to 7,800 level

PHILIPPINE shares rebounded to the 7,800 level as bargain hunters scouted for oversold issues in the aftermath of the ups and downs in recent weeks.

percent or 38.95 points to 7,806.57. or 20.68 points to 4,654.93.

IB Gimenez Securities Inc. Research hunters are on the prowl for oversold stocks. “Despite the disappointing gross domestic product data last week, I think investors’ growth sentiment for the year remains strong,” she said.

Last week, the Philippine Statistics Authority ( PSA) reported a lowerthan- expected GDP growth of 6.4 with 6.8 percent a year earlier.

Actually, we were all surprised, too, but I still maintain that the market is in consolidation this week,” Regina Capital Corp. President Marita Limlingan said.

Investors were able to cover subscriptions to Eagle Cement Corp., which closed its initial public offering (IPO) on Monday, she said.

Eagle Cement launched its maiden share sale on May 15 to 22, at P15 million shares valued at P7.5 billion, with an overallotment option of 75 million shares. It is scheduled to list on the Philippine Stock Exchange on May 29.

Among the most actively traded gainers were EastWest Banking Corp., Megaworld Corp., AyalaLand Inc. and Services, Inc.