Philippine stock rebounded Monday

Philippine stocks opened the trading week in the green on bargain hunting.

The benchmark Philippine Stock Exchange index (PSEI) advanced 30.97 points, or 0.45 percent, to close at 6,853.29, while the broader all-shares index rose 10.43 points, or 0.29 percent, to 3,570.89.

Philstocks Financial Inc. research analyst Claire Alviar said investors sought bargains after last Friday’s steep decline.

The index traded higher in the morning session and even went above 6,900 level. The big gains, however, lost steam in the afternoon session, as investors were still cautious ahead of the US Federal Reserve meeting later this week.

Net market value turnover reached P4.68 billion.