Stocks bounce on late bargain hunting

Published October 26, 2021, 5:51 PM

by James A. Loyola

The local stock market bounced back on late bargain hunting as investors wait for more news.

The main index gained 40.56 points or 0.56 percent to close at 7,252.10 as the Services and Industrial counters led the advance while the Property sector was the sole decliner.

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Volume improved but was still thin at 834 million shares worth P 6.43 billion as losers outnumbered gainers 110 to 89 with 52 unchanged.

AB Capital Securities said “Mark-on-close buying of battered index heavyweights lifted the market into positive territory, despite trading in the red for most of the day.”

“The local market’s sideways movement this Tuesday ended in last minute buying which sent the bourse to the green territory,” said Philstocks Financial Senior Supervisor for Research Japhet Tantiangco.

He noted that, “The change in the Philippines COVID-19 risk classification from moderate to low spurred positive sentiment.”

“Adding boost to this are the optimistic cues from Wall Street with the DJIA and the S&P 500 closing at record highs,” Tantiangco added.

 
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