Stocks rise on bargain hunting

Published September 7, 2020, 4:31 PM

by James A. Loyola

The local stock market made a strong comeback yesterday from last week’s drop as investors picked up oversold shares.

The Philippine Stock Exchange index (PSEi) jumped 150.76 points or 2.61 percent to close at 5,935.85 as share prices rose across the board.

However, volume thinned further to 2.95 billion shares worth P3.9 billion as gainers beat losers 132 to 65 with 37 unchanged.

“Local shares started strong as investor bought into names that would benefit from the economy reopening, and also offsetting a steep decline last week,” said Regina Capital Development Corporation Managing Director Luis Limlingan. ”

AAA Equities Head of Research Chris Mangun said “The PSEi ended with substantial gains led by the recovery in large- cap property stocks Ayala Lang and SM Prime. Investors may have gained optimism from the pick up in mall foot traffic over the weekend.”