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MANILA, Philippines – Local stocks rallied on Monday as investors bought undervalued shares after three straight sessions of losses, and improved manufacturing data boosted market sentiment.
The benchmark Philippine Stock Exchange Index (PSEi) climbed 0.53 percent or 30.56 points, to close at 5,799.32.
Brokerage Philstocks Financial Inc. said bargain hunting drove the market’s recovery after the recent pullback.
Investors also took cues from the latest S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI), which rose to 50.8 in May from 48.3 in April, signaling a return to expansion in factory activity.
