Stocks inch up on some bargain hunting

Published July 1, 2022, 4:12 PM

by James A. Loyola

Cherry-picking allowed the PSEi to end slightly higher on the first trading day of the second semester.

The main index inched up 9.92 points or 0.16 percent to close at 6,165.35 as the Mining and Oil sector led the advance although the Industrial counter dropped. Volume fell to 508 million shares worth P3.71 billion aa gainers outpaced losers 94 to 83 with 48 unchanged.

PSE_-Trading-Floor-Reopening

“Investors resorted to bargain hunting while grappling with sky-high inflation and tighter monetary policy globally,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “The core personal consumption expenditures index – the Fed’s preferred inflation gauge, rose 4.7 percent year-on-year last month.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market rose as investors hunted for bargains from its decline yesterday.”

He added though that, “Trading was anemic with net value turnover posting P3.25 billion, the lowest in the last 41 trading days. This is as many remained on the sidelines amid lingering risks to the local economy including the depreciating Peso, mounting upside pressures on inflation, and global headwinds such as the monetary tightening of the Federal Reserve and the Russia – Ukraine war.”

 
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