The local stock market bounced with small gains after last week’s fall as some bargain hunting has started.
The main index gained 25.67 points or 0.36 points to close at 7,071.50 with sectoral indices evenly mixed.
Volume fell to 79.86 billion shares worth P9.11 billion as losers beat gainers 129 to 92 with 39 unchanged.
“Investors resorted to bargain hunting as they weighed the outlook for President Biden’s nearly $2 trillion stimulus bill and grew concerned amid reports that the new coronavirus variant may be deadlier.“
Philstocks Financial Senior Analyst Japhet Tantiangco said “Last minute bargain hunting sent the local market higher on Monday … breaking its 6-day losing streak.”
He noted that, Banks were the top gainers while Miners incurred the most losses.