PH shares up for 4th day

Published March 3, 2021, 5:01 PM

by James A. Loyola

The local stock market posted more gains despite losses in overseas markets after early profit-taking eventually petered out.

The PSEi improved by 23.22 points or 0.34 percent to close at 6,942.76 although only the Financials and Holding Firms counters advanced.
Volume surged to 221.53 billion shares worth P34.09 billion as losers continued to beat gainers 125 to 101 with 40 unchanged.

“Local shares closed higher as investors continued to bargain hunt with regional markets experiencing some weakness,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “US stocks fell on Tuesday, led by tech names, as the market pulled back from the previous session’s strong gains.”

Philstocks Financial Research Associate Claire Alviar said “The PSEi gained due to the last-minute bargain hunting and it manages to stay above the 6,900 level.”

She noted that, “Intraday, the local bourse was mostly in the red following the drop of the US Markets overnight. Investors also took profit after three consecutive days of a rally in the market.”