The local equities market bounced back as investors bought stocks at bargain prices following five sessions of losses. The market also took its cue from gains from China after its central bank said it will ensure money-market stability amid a cash crunch.
The PSEi added 329.88 points, or 5.70%, to close at 6,118.94. All sectoral indices ended in the positive territory, led by holding firms (+6.91%), industrial (+6.87%) and property (+6.11%). Market breadth was positive with 146 advances outnumbering 34 declines while 30 stocks remained unchanged. Total value turnover was at Php9.63 billion. Foreign investors were net buyers at Php1.21 billion.
Manila Electric Co. (Meralco) and Philex Mining Corp. are currently discussing the potential construction of an 80-megawatt coal-fired power plant in Surigao del Norte. According to Manuel V. Pangilinan, who chairs both companies, this is related to the development of the mining project in Surigao del Norte. He added that the target for the commercial operation of said project is 2017.