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Manila Bulletin devider Business devider PSEi bounces despite weak global markets

PSEi bounces despite weak global markets

Published Feb 22, 2022 03:46 pm

The local stock market bucked the global downtrend and bounced back as cautious investors turned into bargain hunters.

The main index rose 68.66 points or 0.93 percent to close at 7,440.91 as Holding Firms led gainers although Banks and Property issues were left behind. Volume rose to 3.13 billion shares worth P12.85 billion as losers narrowly edged out gainers 98 to 94 with 54 unchanged.

PSE

Volume was boosted by the listing of Citicore Energy REIT Corporation shares which debuted at the bourse with an 11.37 percent gain to close at P2.84 per share from its offer price of P2.55.

“Philippine investors took bets on the back of news reports of the short-lived strong possibilities of a summit for a ceasefire and with US market still on holiday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “U.S. stock futures were showing uncertainty and kept on fluctuating.”

Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse climbed on the back of bargain hunting, primarily on index heavyweight SM Investments Corporation.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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