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Stocks surge after weeklong loss

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The local stock market leapt back to the 6,500 level as positive business outlook spurred widespread bargain hunting. | ManilaBulletin READ:

The main index surged by 129.54 points or 2.03 percent to close at 6,523.09 as the Industrial sector led gains across the board. Volume was thin though at 513 million shares worth P4.32 billion as gainers outnumbered losers 100 to 70 with 56 unchanged.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse jumped due to bargain hunting after five consecutive days of market decline. Moreover, the optimistic business outlook for the second and third quarter boosted the market sentiment.”

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