PH stocks rebound anew

THE Philippine bourse returned to positive territory, along with regional peers, on Friday.

The benchmark Philippine Stock Exchange index (PSEi) was up by 1.3 percent, or 86.28 points, to 6,746.33 while the wider All Shares increased by 1.27 percent, or 45.46 points, to conclude at 3,613.24.

Japhet Tantiangco, senior research analyst at Philstocks Financial Inc., said the market rebounded, along with its regional peers amid the recent monetary easing of China.

“The region’s rise is attributed to China’s monetary easing to provide support to its Covid-19 stricken economy,” Tantiangco explained.

The People’s Bank of China on Friday cut its five-year loan prime rate by 15 basis points to 4.45 percent.

Most neighboring Asian markets ended in the green as Tokyo was up 1.27 percent, Shanghai gained 1.6 percent, Hong Kong rose 2.96 percent, Seoul increased by 1.81 percent, Jakarta added 1.39 percent, Singapore climbed 1.56 percent and Bangkok improved by 1.06 percent. Ho Chi Minh slipped by 0.07 percent.

Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said the market gained “despite concerns that the Fed’s aggressive rate hikes to counter rapid inflation would push the economy to the verge of recession.”

Despite the rally, trading was weaker as net value turnover stood at P6.77 billion, below the P7.54 billion recorded on Thursday.

Foreign funds entered the market and boosted its climb with net inflows amounting to P357.55 million.

The properties led the rise of the local sectors at 3.6 percent.

Total volume turnover was at 2.92 billion shares valued at P7.16 billion.

Gainers edged out decliners at 131 to 62 while 43 securities were unchanged.