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Manila Bulletin devider Business devider Stocks bounce back on string of good news

Stocks bounce back on string of good news

Published Dec 16, 2021 04:20 pm

The Philippine Stock Exchange index bounced back after the previous day’s panic selling as investors gain confidence from stronger US markets.

The main index jumped 100.68 points or 1.41 percent to close at 7,233.26 as the Services sector led the rally across the board. Gainers beat losers 109 to 65 with 54 unchanged.

PSE_NEW

“Philippine shares advanced this session as investors made bets that the first reported Omicron cases would be contained and after the Fed (US Federal Reserve) gave more clarity as to when it would start tapering,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

AB Capital Securities said “The market shrugged off Omicron fears and made a strong rebound, nearly erasing all of yesterday's losses as share prices were partly buoyed by a strong US market overnight.”

It noted that, “the Federal Reserve announced that it is shifting its stance from economic stimulus to inflation containment, with policymakers expressing confidence that economic recovery can be sustained despite the planned interest rate hikes.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse bounced back as investors took opportunities from its drop in the preceding day.”

“Investors cheered the Senate’s approval on third and final reading of Senate Bill 2094 which seeks to amend the Public Service Act, classifying more industries as part of the public service segment to allow 100 percent foreign ownership. The said move is seen to lead to more foreign investments into the country,” he explained.

Tantiangco added that, “Sentiment also got a boost from our cash remittances which continued to post growth in October 2021.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco AB Capital Securities Inc.
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