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Manila Bulletin devider Business devider Stocks rally after falling to bargain levels

Stocks rally after falling to bargain levels

Published Jul 27, 2021 04:41 pm

Local share prices rebounded after investors bought up stocks that have been sold down in the past week.

The PSEi surged 149.97 points or 2.35 percent to close at 6,522.58 as the Property and Mining and Oil counters led the rally across the board.

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Volume remained weak though at 1.17 billion shares worth P4.3 billion as gainers swamped losers 155 to 43 with only 29 unchanged.

“Investors finally became bargain hunters after the Philippines hit oversold territory amid the start of earnings season and the Federal Reserve policy meeting,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse rose as investors took opportunities out of its already steep decline.”

He noted that, “From its close of 7,036.38 on July 5, 2021, the market was already down by 9.43 percent as of July 26, 2021. This enticed bargain hunters to take positions.“

Tantiangco added that, “President Duterte’s call for the passage of the bills that would ease foreign investment restrictions in his State of the Nation Address also helped in spurring optimism.” The positive spillovers from Wall Street also gave a boost to sentiment although foreign investors remained net sellers.

Related Tags

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