The main PSEi gained 84.90 points or 1.45% to 5,930.92 at the closing bell. The broader All Shares index rose by 45.84 points or 1.32% to 3,513.37.
According to Regina Capital Development Corp., players went bargain hunting after the US last Friday released nonfarm payrolls which rose by 1.8 million in July, above the consensus expectation of 1.5 million.
"Bargain hunting spilled over to the start of the week, as the latest employment report showed the economy added more jobs than expected last month and the latest stimulus from the US boosted sentiment as well. President Trump issued executive orders in the four policy areas that had been expected," he said in a mobile message.
"The extra $400 unemployment payment is likely to last only a month, however. The payroll tax deferment would last through year-end, but consumers might be hesitant to spend extra income without a change in tax law. That said, both policies could put pressure on Congress to agree to a broader fiscal package," he added.
Locally, the Department of Finance (DOF) over the weekend said a P180-billion economic stimulus package is now being readied.
More than 82.955 billion shares, valued at P4.883 billion, changed hands. Advancers trumped decliners, 125 to 74, and 45 issues were unchanged.
By JON VIKTOR D. CABUENAS, GMA News
Source: Peso Economics
Hello, my name is Jack Sparrow. I'm a 50 year old self-employed Pirate from the Caribbean.
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