7,000 within sight as PSEi barrels through new quarter

Investors started the second quarter with renewed confidence as positive global economic data spilled over to the local market on Monday, with the benchmark index nearing 7,000.

By the end of the session, the Philippine Stock Exchange Index (PSEi) gained by 1.10 percent, or 76.28 points, to 6,979.81. The broader All Shares Index likewise went up by 0.80 percent, or 28.89 points, to 3,636.40.

A total of 1.19 billion shares valued at P5.49 billion changed hands, while foreigners made net purchases of P464.45 million, stock exchange data showed.

“The index kicked off the second quarter on a positive note on the back of positive economic news from the US and China,” said Juan Paolo Colet, managing director at China Bank Capital Corp.

US inflation rate in February was slower compared to that in January, while manufacturing activity in China expanded for the first time in six months, Colet noted.

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BDO Unibank Inc. was the top-traded stock as it rose by 2.91 percent to P159 per share.

Overall, advancers edged out losers, 96 to 90, while 53 companies were unchanged at closing, stock exchange data also showed. INQ