Stocks rebound only slightly

Published February 23, 2021, 5:14 PM

by James A. Loyola

The local equities market managed to end in the green on Tuesday, (Feb.  23)  after trading in negative territory most of the day as investors started picking up cheaper stocks.

The Philippine Stock Exchange index (PSEi) inched up 4.33 points, or 0.06 percent, to close at 6,814.67 with only the Holding Firms sector advancing.

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Volume improved to 25.51 billion shares worth P10.67 billion as llsers trounced gainers 171 to 64 with 37 unchanged.

“Philippine shares closed flat as investors remained cautious that a large federal stimulus would be enough to jumpstart the US economy,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse managed to close in the positive territory this Tuesday on the back of late day bargain hunting.”

He noted that, “During the trading day, the market fell to as low as 6,736.42 as Malacanang disapproved of the proposal to shift the entire country to MGCQ without the availability of COVID-19 vaccines.“

AAA Equities Head of Research Chris Mangun said “The PSEi managed to end the session with miniscule gains thanks to last-minute buying, despite suffering losses in early trading.”

He added that, “Gains were led by large-cap holding firms as investors returned to the ‘diversified-portfolio trade’ after President Duterte’s speech last night wherein he announced that restrictions would not be eased on Metro Manila until there was a rollout of vaccines.”