The local stock market bounced from steep losses in the past days as share prices are now at more attractive levels.
The main index rose 85.48 points or 1.23 percent to close at 7,032.54 as share prices rallied across the board led by Holding Firms and Mining stocks.
Volume remained strong at 844 million shares worth P9.94 billion as gainers beat losers 111 to 78 with 50 unchanged.
“Investors finally became bargain hunters in the Philippine market as many stayed away from countries with reported cases of the Omicron variant,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “According to WHO, the heavily mutated variant has been reported in at least 23 countries. The newfound threat to the recovery from the pandemic, which caused several travel bans, was intensified by the Federal Reserve mulling a quicker-than-planned exit from its easy monetary policy.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse bounced back as investors hunted for bargains out of its preceding 4-day decline.” “Positive sentiment got a boost from the IHS Markit Philippines Manufacturing PMI data which stood at 51.7 reflecting an expansion of the country’s manufacturing sector,” he added.
Tantiangco said “The senate’s approval on the 3rd and final reading of the 2022 national budget also helped in lifting sentiment.”