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Thursday, May 22, 2014

PH stock market rebounds near 6,800-mark

The Philippine Stock Exchange index (PSEi) made a strong comeback a day after it plummeted, weighed down by negative news overseas and investor concerns about the market's high valuations.

At the noon break, the PSEi was up 37.52 points, or 0.56 percent, at 6,799.90. It shot back to the 6,800-mark in early trading before paring gains.

All sub-indices were in the green, with the industrials counter climbing 0.87 percent to lead the market's rebound.

The most actively traded stocks were BDO, Puregold, Ayala, PLDT and LT Group. Top gainers were Da Vinci Capital, Central Azucarera and Oriental Petroleum, while the biggest losers were ATN Holdings, Ever-Gotesco and South China Resources.

According to BDO chief market strategist Jonathan Ravels, support exists at the 6,750 level, adding that if this holds, the market could re-test the 6,900-mark.

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