Stocks rose again but closed off the day’s peak as investor sentiment was boosted by gains in US bourses.
The main index gained 22.65 points or 0.32 percent to close at 7,055.19 as sub-indices were evenly mixed with the Property sector advancing the most.
Volume weakened to 1.3 billion shares worth P6.97 billion as gainers beat losers 2-to-1 or 131 to 65 while 38 were unchanged.
“A broad rally on Wall Street stocks pushed sentiment across the region in the green including the Philippines, as the PSEi market continued recoup some of its losses after several days of volatile trading,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “It looks like the heavy selling in recent days may have presented too tempting an opportunity for traders as bargain-hunting began after the panic-selling.“
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse rose further as investors took cues from Wall Street’s rebound overnight.“
He added though that trading was lethargic with the lower net value turnover. “This shows that many investors have stayed out of the market due to the lingering COVID-19 uncertainties caused by the Omicron variant,” he said.