The local stock market finally bounced, after its fall that started last Friday, as investors started picking up battered issues.
The main index jumped 100.41 points or 1.55 percent to close at 6,576.62 as banks and holding firms led the advance across the board.
However, volume fell to a thin 1.4 billion shares worth P3.69 billion as gainers outnumbered losers 136 to 56 with 52 unchanged.
“Investors became bargain hunters as upbeat US earnings from IMB, Coca-Cola, and Johnson & Johnson also boost positivity in the market,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “In the Philippines, index heavyweight BPI became the first to report second quarter results. The stable core business and considerable easing in booked provisions helped push BPI's net income.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market rose on the back of bargain hunting. Investors took opportunities out of the market’s preceding 4 straight days of decline.”
He noted that, “The positive spillover from Wall Street also helped in Thursday’s climb.”
However, Tantiangco said “Trading was weak with net value turnover hitting its lowest year-to-date at P3.60 billion. This shows that many are staying out of the market due to the risks posed by the Delta variant on the local economy.”