Stocks bounce on bargain hunting

Published February 19, 2021, 5:12 PM

by James A. Loyola

Local share prices bounced  Friday (Feb. 19) from recent losses as investors started to pick up bargains ahead of the weekend. The main index rose 76.77 points or 1.12 percent to close at 6,926.41 as the Holding Firms and Mining and Oil counters led gains across the board. 

A total of 16.37 billion shares worth P9.56 billion changed hands as losers beat gainers 116 to 98 with 41 unchanged.

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“The local bourse gained on hopes of more relaxed lockdown measures. Before the market opened, the IATF and Metro Manila Mayors agreed to place the country under modified general community quarantine,” said Philstocks Financial Research Associate Claire Alviar.

She noted that NEDA is also proposing to expand public transport capacity and extend active transport to boost the economy. Regina Capital Development Corporation Managing Director Luis Limlingan said “Investors returned back to the Philippines for bargain hunting after successive sell offs after recent US economic data showed only a slightly better labor market amid increasing bond yields.