The PSEi bounced back on the last trading day before Easter as investors picked up cheaper stocks following losses in previous sessions.
The main index rose 89.54 points or 1.3 percent to close at 6,984.90 as the Industrial sector led all indices higher. Volume dipped to 1.42 billion shares worth P4.21 billion as gainers beat losers 100 to 66 with 54 unchanged.
“Investors returned to Philippine market as they stayed away from other regions that have seen their inflation numbers continue to increase,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that investors are looking ahead to the start of earnings season in the US on Wednesday, which begins with JPMorgan and Delta Airlines.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Bargain hunting lifted the local bourse. The upwardly revised Philippine economic growth projections for 2022 of ASEAN +3 Macroeconomic Research Office and the United Nations Economic and Social Commission for Asia and the Pacific gave sentiment a boost.“