Stocks bounce on US gains

The local stock market bounced on the back of gains in the US as well as news of another rollback in pump prices.

The main index rose 73.52 or 1.19 percent to close at 6,268.78 as the Property index led the advance with a substantial gain while the Services and Mining and Oil counters retreated.

Volume declined to 521 million shares worth P4.24 billion as losers and gainers were almost matched at 91 to 89 with 55 unchanged.

“Philippines shares echoed the positive sentiment of the US, which closed sharply higher last Friday ending several days of sell-offs,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, the US rebound was “fueled by upbeat earnings, strong economic data, and easing fears of a larger-than-expected interest rate hike by the Federal Reserve.”

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