By James A. Loyola
The local stock market opened stronger yesterday, with investors bargain hunting on signs that efforts to slow the spread of COVID-19 may be gaining ground.
The Philippine Stock Exchange index (PSEi) rose 44.85 points, or 0.62 percent, to close at 7,326.85 although the Services, Mining and Oil, and Property counters continued to retreat.
Volume improved to 782.6 million shares worth ₱7.84 billion as gainers outnumbered losers 107 to 77 with 49 unchanged.
“Local shares notched a gain to start the week, as COVID-19 new cases declined sharply and as a White House comment lent support, considering the idea to incentivize stock purchases as part of new tax package,” said Regina Capital Development Corporation Managing Director Luis Limlingan.