Stocks bounce on bargain hunting

Published June 24, 2022, 4:26 PM

by James A. Loyola

Bargain-hunting led the PSEi to end higher as the local bourse rang the bell for the last time in its trading floor.

The main index jumped 152.33 points or 2.51 percent to close at 6,216.56 as the Property sector led the rebound although the Mining and Oil counter remained in the red. Volume declined to 604 million shares worth P4.53 billion as gainers beat losers 112 to 62 with 47 unchanged.

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“Philippine stocks rallied to close the week stronger, buoyed by slipping yields as the street continued to assess recession possibilities,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Back home, the BSP announced another 25 basis point rate hike to counter raging inflation, pushing the Overnight Reverse Repo Facility to 2.50 percent.”

AB Capital Securities said “Local market rebounded as bargain hunting on battered down heavyweights such as SM, SMPH, ALI, AC, and AEV pushed the index in positive territory.”

 
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