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Manila Bulletin devider Business devider Stocks up on late bargain-hunting

Stocks up on late bargain-hunting

Published Nov 16, 2021 04:24 pm

The local stock market managed to end higher despite earlier losses as investors wait for more market moving news.

The main index gained 25.05 points or 0.34 percent to close at 7,367.42 as the Mining and Oil counter led the advance although half the sectors retreated.

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Volume was higher at 1.19 billion shares worth P9.52 billion as losers outnumbered gainers 113 to 88 with 46 unchanged.

“Philippine shares traded steadily to close higher after a weak start as US Treasury yields reversed and climbed higher, and investors awaited quarterly reports from big retailers later in the week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Investors in the states are now turning to the retail sales data to be released Tuesday for clues as to where the market will go.”

Philstocks Financial Research and Engagement Officer Claire Alviar said “Last-minute bargain-hunting lifted the market. It was also helped by the reported higher cash remittances sent by the Overseas Filipinos.”

She noted that, “Optimism remains in the market amid the easing of restrictions and the immediate support of the bourse is at 7,300 levels.”

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Philippine Stock Exchange index (PSEi)
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