The local stock market bounced back as investors turned into bargain hunters late in the session.
The main index jumped up 176.08 points or 2.81 percent to close at 6,446.31 as the Holding Firms and Property counters led the advance while the Mining and Oil sectors was the only one that retreated.
Volume though was an anemic 1.5 billion shares worth P3.54 billion with losers outnumbering gainers at 119 to 78 with 46 unchanged.
“ Philippine shares were bought up on close after being heavily sold down last Friday as investors reassessed the impact of having the ECQ imposed on the country,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “More second quarter results have trickled in, and many from the main index have performed above expectations, hinting that companies are slowly recovering or adjusting to the changing environment."
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market jumped on the back of bargain hunting as investors took opportunities out of the market’s slide in previous sessions.”
He noted that, “The local bourse has already been down for 4 consecutive weeks shedding 10.45 percent in the process. Last week, it declined 3.84 percent.”
Tantiangco observed though that “Trading had no conviction however as net value turnover was well below the year-to-date average of P7.31 billion. This comes as many investors still chose to stay on the sidelines due to the lingering uncertainties on our COVID-19 situation and economic outlook amid the threat of the Delta variant.”