The stock market finally ended its drought, snapping an eight-day decline as investors opted to shop for bargains.

The benchmark Philippine Stock Exchange index (PSEi) rebounded strongly to open the week as it rose by 113.98 points or 1.85 percent to end at 6,272.46.

Also finishing in the positive territory was the broader All Shares index, which climbed 32.57 points or 0.96 percent to settle at 3,407.77.

'Philippine shares made a furious rebound to start the week after the dramatic selldown last Friday as investors went bargain hunting across the board ahead of the window dressing to end the semester,' Regina Capital's Luis Limlingan said.

Claire Alviar of Philstocks Financial said many investors have decided to buy stocks at bargain levels after the market's steep decline last week.

The PSEi closed at its lowest level so far for 2024 at 6,158.48 last Friday.

'Moreover, the increase in infrastructure spending for the first four months of the year helped lift sentiment,' Alviar said.

'However, the rebound was driven mostly by the local investors, as foreigners remained net sellers, registering a net outflow of P403.22 million,' she said.

Alviar said Monday's net market value turnover at P5.51 billion was slightly stronger than the month-to-date average of P4.34 billion.

Investors' sights remain set this week on the interest rate decision of the Bangko Sentral ng Pilipinas on Thursday.

All local counters were up except for mining and oil, which slipped by 0.16 percent.

Property led the charge with a 3.52 percent jump followed by services, which soared by 2.46 percent.

However, market breadth remained negative as decliners pummeled advancers, 105 to 80, while 46 shares were unchanged.

Copyright © 2022 PhilSTAR Daily, Inc Provided by SyndiGate Media Inc. (Syndigate.info).