Stocks bounce on positive US data

Published October 30, 2020, 4:44 PM

by James A. Loyola

The local stock market bounced from the previous day’s fall as investors, encouraged by positive US economic data, started to pick up bargains.

Traders work beneath an electronic ticker at the trading floor of the Philippine Stock Exchange in Bonifacio Global City (BGC).(Bloomberg file photo)
Traders work beneath an electronic ticker at the trading floor of the Philippine Stock Exchange in Bonifacio Global City (BGC).(Bloomberg file photo)


The main index rose 74.61 points or 1.19 percent to close at 6,324.00 with only the Services sector lagging behind.
Volume improved to 2.38 billion shares worth P7.29 billion as gainers beat losers 135 to 81 with 37 unchanged.
“Philippine stock indices rebounded following US macro data showed a rebound in growth after the recession caused by the coronavirus pandemic. Weekly jobless claims also came in at below expected helped overall sentiment,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Research Analyst Claire Alviar said, “The local bourse rebounded following the bounce of the US markets overnight as investors hunt for bargains after the huge loss of the market recorded yesterday.”
“We also think that local investors are still looking into the recovery hopes with the reopening of the economy. They are also waiting for the third quarter earnings result,” she added.

 
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