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Manila Bulletin devider Business devider Stock rise on bargain hunting

Stock rise on bargain hunting

Published Aug 24, 2021 04:16 pm

The stock market rose as investors picked up bargains following encouraging news from the US.

The main index jumped 87.15 points or 1.32 percent to close at 6,678.82 as the Holding Firms and Industrial counters led gain across all sectors.

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Volume was lower though at 2.68 billion shares worth P5.53 billion as gainers outpaced losers 106 to 83 with 54 steady.

“Philippine shares made a strong rally ahead of Federal Reserve Chairman Jerome Powell's appearance at the Jackson Hole monetary policy symposium,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Investors are also betting that Powell will turn more dovish than earlier thought, and worries over the Delta variant were shoved aside.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market rose as investors took opportunities out of its preceding 2-day decline.”

He noted that, “Sentiment got a boost from the positive spillovers from Wall Street caused by the US Food and Drug Administration’s full approval of Pfizer and BioNTech’s COVID-19 vaccine.”

Related Tags

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