Stocks jump on bargain hunting

Published April 28, 2021, 5:15 PM

by James A. Loyola

Local share prices rose Wednesday, (April 28)  on bargain hunting and window-dressing.

The (Philippine Stock Exchange index (PSEi) jumped 112.67 points, or 1.77 percent, to close at 6,469.14 as the Holding Firms and Property counters led gains across the board.

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Volume improved but remained low at 2.91 billion shares worth P5.31 billion as gainers beat losers 111 to 70 with 65 unchanged.

“Investors in Philippine shares began early window dressing as investors start to buy ahead of more corporate earnings releases, while other are keeping positive with the proposal for flexible MECQ,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Metro Manila mayors have recommended a flexible MECQ over their cities in a bid to control the virus while slowly opening up more industries in their respective areas.“

Philstocks Financial Research Associate Claire Alviar said “The market jumped amid bargain hunting in the PSE index stocks with only 5 losers recorded for today’s trading.”

She pointed out thought that the low trading volume shows that “most investors are still on the sidelines, waiting for the next quarantine measures after April 30, which is expected to be announced after trading hours.”