Philippine Stocks Rebound As Oil Prices Recover

Local share prices rebounded on Thursday, taking its cue from Wall Street’s positive performance, as investors cheered strengthening oil prices.

The benchmark Philippine Stock Exchange index (PSEi) snapped a two-day decline, rising 52.42 points to 7,232.97 from previous day’s 7,180.55 finish.

“The rebound on Wall Street and the surge in oil prices boosted the local bourse,” said RCBC Securities Inc. in a market report.

The United States (US) oil and Brent crude soared over 5 percent on the US government reported surprise decrease in crude inventories for last week.

All counters finished in the positive territory, except services that lost 1.90 percent.

Value turnover reached PhP5.61 billion after 873.30 million shares changed hands.

Market breadth ended in the green after 110 winners ousted 91 decliners with 37 names being unchanged. (PNA) LGI/LDV