The local stock market bounced from its two-day correction yesterday as investors continue to regain optimism.
The Philippine Stock Exchange index (PSEi) rose 51.19 points, or 0.70 percent, to close at 7,382.84 although sectoral indices were evenly mixed with Property stocks leading the advance while the Mining and Oil counter dropped the most.
Volume was higher at 1.55 billion shares worth P10.42 billion as losers outnumbered gainers 109 to 81 with 50 stocks unchanged.
“Philippine shares closed the Friday session in the green as investors shook off concerns about mounting inflation while surging bond yields sparked a sell-off in tech stocks,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Meanwhile, funds switched on several names with the release of the result of the latest MSCI rebalancing.”
AC Energy and Monde Nissin were added to the MSCI Philippine Index while AREIT, Filinvest REIT, and LT Group made it to the Small Cap Index while DoubleDragon was removed.