Stocks bounce back to 6500 level

The PSEi bounced back to the 6500 level on news of steps being taken to help beleaguered banks overseas. The main index jumped 79.73 points or 1.24 percent to close at 6,530.73 as the Services sector led all indices higher. However, volume declined to 546 million shares worth ₱4.78 billion as gainers beat losers 109 to 69 with 43 unchanged. “Philippine shares managed to climb above the 6500 level in the green after a forced takeover of Credit Suisse by UBS, which was engineered by the Swiss government,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He added that, “Investors also welcomed news that JPMorgan Chase could be advising embattled First Republic Bank on strategic alternatives.” Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse jumped following the positive sentiment abroad on hopes that the banking crisis may be easing. At home, the possibility of a rate hike pause also provides optimism in the market.” (James A. Loyola)