By James A. Loyola
The local stock market surged in afternoon trades on Monday after a slow start as investors start to pick up bargains based on listed firm’s prospects in 2020.
The Philippine Stock Exchange index (PSEi) jumped 138.23 points, or 1.79 percent, to close at 7,877.19 although the Services and Mining & Oil counters retreated.
However, volume was still relatively thin at 1.28 billion shares worth ₱5.3 billion while losers still beat gainers 104 to 86 while 49 were unchanged.
“December got off to a positive start as investors optimistically waited for a solid trade deal to be signed.
Aside from this, many are already looking forward to next year,” said Regina Capital Development Corp. Managing Director Luis Limlingan.