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Manila Bulletin devider Business devider Stocks up on cautious optimism

Stocks up on cautious optimism

Published Jan 25, 2022 03:50 pm

The local stock market rose as investors have become cautiously optimistic that quarantine measures may be eased in the National Capital Region where the COVID-19 variant Omicron surge appears to have peaked.

The main index gained 35.57 points or 0.49 percent to close at 7,288.21 as the Industrial counter led the advance although Banks and the Mining and Oil sector retreated. Volume amounted to 1.26 billion shares worth P6.28 billion as losers still outnumbered gainers 96 to 82 with 52 unchanged.

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“Philippine shares were bought up as investors started to make bets ahead of the fourth quarter GDP (gross domestic product) announcement and the possible reversion back to Alert level 2 status,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Health Secretary Francisco Duque III has stated that NCR and other areas are showing case decline while the rest of Luzon have shown signs of plateauing. The Department of Health said that these metrics will be discussed with the IATF to determine if NCR is ready to de-escalate to Alert Level 2 for February.

“Meanwhile, sentiment got a boost, after US equities recorded a dramatic comeback on Monday as investors stepped in to buy beaten-up tech shares following a sharp sell-off earlier in the session,” Limlingan added.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “the local bourse bounced back following yesterday’s losses. Sentiment got a boost from the country, particularly the National Capital Region’s improving COVID-19 situation.”

He noted though that “trading was still lethargic as many remained out of the market due to the lingering risks caused by COVID-19 and the possible tightening of the Federal Reserve in the US this year.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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