The local stock market rose despite a weak start as investors continued bargain hunting.
The PSEi gained 50.66 points or 0.79 percent to close at 6,497.01 with only the Mining and Oil counter in the red.
Volume surged to 9.27 billion shares worth P21.32 billion due to block sales of DDMP REIT as losers still outpaced gainers 98 to 90 with 64 unchanged.
“Local share were bought once more as yesterday’s cases from covid eased and as investors digested testimony by Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen about the economy,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Funds also rebalanced their portfolios with other regions hit by concerns over new pandemic curbs and slow vaccine rollouts in Europe as well as a stronger dollar. “
Philstocks Financial Research Associate Claire Alviar said “The local bourse recovered in the last hours of trading as optimism on the arrival of additional Covid-19 vaccines in the Philippines won over lingering fears in the economy.”
She noted that, “Before the market rebounded, it was trading in the red following the decline of the US markets overnight as worries over economic recovery heightened.”
AAA Equities Head of Research Chris said “The PSEi continued higher on less selling pressure and declining trading volumes. The gains were the result of bargain hunting on battered blue chips.”
He observed that, “The sentiment has improved as fears of the government losing control over the pandemic situation has subsided.”