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Manila Bulletin devider Business devider Stocks rise ahead of new lunar year

Stocks rise ahead of new lunar year

Published Jan 31, 2022 04:20 pm

The local stock market started the week strong on news of easing quarantine restrictions although gains were reduced by late profit-taking.

The main index added 44.04 points or 0.61 percent to close at 7,296.01 with the Property sector leading the advance across the board. Volume dipped to 1.28 billion shares worth P7.42 billion aa gainers beat losers 123 to 77 with 40 unchanged.

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“Philippine shares were bought up to end the first month of 2022 as investors became optimistic over developments locally and abroad,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse rallied as the downgrade of Alert Level Status to 2 in selected areas of the country including the National Capital Region fueled optimism.“

“Investors cheered the easing of restrictions in the selected areas, primarily in Metro Manila, since this is expected to lead to more economic activities which in turn would help in sustaining our recovery momentum,” he noted.

Related Tags

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