Stocks rebound back to 8,000 mark

The bellwether Philippine Stock Exchange index recovered back to the 8,000 level yesterday to start the second quarter of the year following a long holiday break.

The PSEi closed at 8,039.45, up 59.62 points or 0.74 percent, while the broader All Shares index gained 28.99 points or 0.60 percent to finish at 4,869.55.

Majority of the counters likewise ended in the green, with only the financials and services indexes closing in negative territory.

The financials index went down due to the price of Ayalaled Bank of the Philippine Islands’s stock rights offer, said Eagle Equities president Joseph Roxas.

BPI priced its right issue at P89.50 per share, lower by 23.50 percent compared to its closing price last Wednesday. Yesterday, BPI share closed at P115, down P1.71 per share.

Total value turnover, however, was thin at P4.551 billion. Advancing stocks numbered 131 while 81 issues declined. Thirty six issues, meanwhile, were unchanged.

“Philippine market started the second quarter strong although value turnover was noticeably weak as most investors are still returning from the Easter break. Some regional markets remained closed as well, limiting the cues to trade with. Last week, US stocks rallied on the last trading day of the month and the quarter. The Dow Jones Industrial Average added 254 points, ending at 24,103.11. S&P 500 rose by 35 points, to close at 2,640. Nasdaq closed at 7,063, unchanged from the previous trading day,” said Luis Limlingan, managing director at Regina Capital.