The local stock market bounced from its five-day losing streak on the back of gains in US bourses.
The main index jumped 122.95 points or 1.93 percent to close at 6,502.12 with the Property sector registering the biggest gain as all counters advanced. A total of 678 million shares worth P8.06 billion changed hands as gainers beat losers 118 to 79 with 43 unchanged.
“Philippine shares bounced back following the relief rally last week of the US, preventing the S&P500 from tumbling into the bear market territory,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Back home, the BSP is set to hold its third rate-setting meeting on May 19. The street is mixed as to whether or not the central bank will keep the key policy rate untouched at 2 percent.”
AB Capital Securities said the “Local market rebounded as bargain hunting on battered down heavyweights such as SM, SMPH and JGS pushed the index in positive territory. “