PSEi rebounds ahead of GDP data release

Philippine share prices rebounded on Monday, as the market awaits economic data scheduled to be released later this week.

The local stock barometer gained 58.70 points or 0.94% to 6,317.41, while the broader All Shares edged up by 29.28 points or 0.76% to 3,906.71.

Monday's climb comes ahead of the release of local economic data this week, along with corporate earnings coming out. The Philippine Statistics Authority (PSA) is scheduled to report the first-quarter gross domestic product (GDP) on Tuesday, May 11.

Overseas, investors are taking into consideration the latest economic data such as the jobs report for the month of April.

"Investors believe easy monetary policies will power the US market's historic rebounds and will stay in place for longer," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) is scheduled to meet regarding monetary policy on Thursday, February 13.

More than 2.051 billion shares, valued at P4.571 billion, changed hands. Winners led losers, 116 to 97, and 46 issues were unchanged.—AOL, GMA News