Index flat but gains momentum

The bourse index rebounded 16.09 points, or 0.22 percent, to close at 7,326.41.

Most sectors were in green, with Mining and Oil as the biggest gainers by 2.05 percent, followed by Financials and Property up by 0.89 percent and 0.80 percent, respectively.

Wilcon Depot Inc. was the top index gainer, increasing 4.97 percent to P16.48. Meanwhile, Manila Electric Co. was at the bottom, with a 1.67 percent decline to P471.

Philstocks Financial Inc. senior research analyst Japhet Louis Tantiangco linked the market’s positive performance to expectations that the Bangko Sentral ng Pilipinas will further ease policy rates in their upcoming meeting this week.

Likewise, boosting sentiment were positive cues from Wall Street’s close last week, the stock analyst added.

TO at P3.68B

Value turnover was P3.68 billion. Advancers outweighed Decliners at 128 to 73, while 54 names were unchanged.

BDO Unibank, Inc. was the most actively traded stock at P581,399,933, up by 2.10 percent, followed by International Container Terminal Services Inc. at P315,036,796, down by 1.42 percent.

The peso closed weaker at P57.47, from 57.205 on Friday

It opened the day at 57.28 and traded between 57.26 and 57.5.

The weighted average was 57.367.