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Manila Bulletin devider Business devider Stocks up on bargain hunting of blue chips

Stocks up on bargain hunting of blue chips

Published Dec 14, 2021 03:51 pm

The local stock market rose as investors start buying stocks seen to do well next year.

The Philippine Stoc k Exchange index (PSEi) gained 44.38 points or 0.62 percent to close at 7,241.99 although only the Banks and Holding Firms counters advanced while the Services sector led decliners.

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Volume improved but remained thin at 1.28 billion shares worth P6.55 billion as losers beat gainers 97 to 85 as 55 were unchanged.

“Philippine shares were slowly bought up once again ahead of key decisions by the Federal Reserve and other central banks as markets were weighed by lingering worries over the latest COVID-19 variant,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “With daily covid cases one of the lowest, and CPI much better than in the US, investors continued to bargain hunt for names that would continue to outperform for the year ahead.”

Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse gained on the improving COVID-19 situation in the country while waiting for the meeting of the BSP (Bangko Sentral ng Pilipinas) and Federal Reserve.”

She added that, “The market was also lifted by the heavyweights, Ayala Corporation and SM Investments Corporation, advancing 3.06 percent and 2.49 percent, respectively.”

“In addition, the passage of the validity extension of the 2021 national budget on the third reading spurred optimism as well,” said Alviar.

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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