The local stock market bounces back following positive news overseas and in the domestic front.
The main index jumped 142.88 points or 1.96 percent to close at 7,452.82 with the Property and Services sectors leading the rally across the board. Volume rose to 1.16 billion shares worth P9.53 billion as gainers were almost double the number of losers at 123 to 63 with 49 unchanged.
“Philippine shares broke from the slump after Russia appeared to be backing away from an immediate invasion of Ukraine, cooling geopolitical tensions that have knocked the stock market down the previous days,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse jumped as strong local economic data and easing tensions abroad spurred optimism.”
He noted that, “Investors cheered the country’s strong fourth quarter 2021 foreign investment pledges, which if materialized, will help strengthen our economic recovery. The country’s robust cash remittances for 2021 also boosted sentiment.”