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Manila Bulletin devider Business devider Bargain-hunting boosts local stocks

Bargain-hunting boosts local stocks

Published Feb 14, 2022 03:44 pm

The local bourse started the week on a positive note as investors picked up cheaper stocks.

The main index rose 90.79 points or 1.25 percent to close at 7,361.15 as Holding Firms led the advance although the Industrial and Mining and Oil counters lagged behind. Volume was high at 1.19 billion shares worth P14.19 billion but losers outnumbered gainers 113 to 85 with 48 unchanged.

PSE

“Philippine shares we bought up on bargain hunting and as investors stayed away from US equities sought safety in Treasuries,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “the country warned Russia could take offensive military action against Ukraine as early as next week.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market bounced back as investors hunted for bargains from its two preceding days of decline.”

He added that, “Monday’s rise is seen to reflect investors’ hopes that the country’s COVID-19 situation will continue to improve eventually leading to a further easing of restrictions.”

Related Tags

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