PSEi bounces on some bargain hunting
The PSEi bounced after 2 days of losses after investors started picking up some bargains.
The main index rose 54.24 points or 0.75 percent to close at 7,293.52 although only the Property and Holding Firms counters advanced while the Mining and Oil led decliners. Volume remained weak at 2.15 billion shares worth P5.52 billion as gainers barely edged out losers at 94 to 93 while 53 were unchanged.
“Philippine investors became bargain hunters as the country was perceived as more shielded from the other regions that are hard hit from the pandemic and inflation,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Last night Wall Street succumbed in the afternoon, giving up sharp gains from earlier in the session, as equities continue to struggle amid a rising interest rate environment.”
Philstocks Financial Research and Engagement Officer Claire Alviar said “Late day bargain hunting sent the local market higher this Friday. This comes after two consecutive days of decline.”
She added though that there’s still no conviction as the net market value turnover was still low.
“During intraday, the market was trading mostly in the red as more areas in the country are placed under alert level 3 restrictions while some are escalated to alert level 4,” Alviar said.