Stocks bounce on bargain-hunting

The local stock market posted some gains as investors shrugged off fresh concerns over COVID and started bargain hunting. 

The PSEi rose 30.30 points or 0.42 percent to close at 7,273.15 with only the Industrial and Mining and Oil counters in the red. 

Volume improved to 30.09 billion shares worth P10.96 billion although losers beat gainers 121 to 107 with 36 steady. 

“Investors took advantage of the market’s early dip caused by COVID-19 worries, and hunted for bargains. Later on, optimism was spurred by the approval of Pfizer’s COVID-19 vaccine for emergency use here in the Philippines,” said Philstocks Financial Senior Analyst Japhet Tantiangco. 

AAA Equities Head of Research Chris Mangun said, “The PSE ended higher despite reports that the more infectious mutation of covid-19 has been detected on our shores.

He noted that, “Buying pressure picked up right at the open after buyers  noticed that there wasn't much panic selling. This tells us that most investors were already expecting the new mutation to be found here and it was only a matter of time.”

Regina Capital Development Corporation Managing Director Luis Limlingan added that, “Philippine shares finished trading session higher as the market watched retreating treasury yields and political turmoil (in the US) amid the pandemic.”