The local stock market bounced as investors took their cues from gains in overseas markets.

The main index rose 31.82 points or 0.52 percent to close at 6,196.71 although sectoral indices were evenly mixed. Advancers were led by blue-chip Holding Firms while miners were the biggest decliners.

Volume improved to 1.16 billion shares worth P6.02 billion as gainers outpaced losers 98 to 88 with 58 unchanged.

“Philippine shares were bought up with sentiment changing positively as tech shares rebounded in regional markets,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Stocks also rose with commodities as a demand bump fueled by COVID-19 vaccination drives gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions.”

Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse rose on the back of the positive spillovers from Wall Street. This comes amid the decline in the COVID-19 cases in the US, strengthening hopes of further reopening the US economy.”

AAA Equities Head of Research Chris Mangun said “The market managed to end slightly higher, mainly flat despite increased trading and volatility in several blue-chips.”

“The sentiment remains overly cautious as investors have not gained any optimism from the positive vaccine progress on the perception that the uncertainty risks, vastly outweigh the developments,” he noted.

Mangun believes that, “The market is expected to continue lower, and we highly encourage medium to long term investors to start accumulating.”