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Manila Bulletin devider Business devider PSEi recovers Monday's losses

PSEi recovers Monday's losses

Published Feb 8, 2022 04:33 pm

The local stock market recovered the previous day’s losses as investors took positions ahead of changes in the PSEI and MSCI.

The main index rose 77.93 points or 1.06 percent to close at 7,458.23 with Holding Firms and Services sectors leading the advance while Banks lagged behind. Volume dropped to 1.07 billion shares worth P6.99 billion as gainers outnumbered losers 116 to 77 with 51 unchanged.

PSE

“Philippine shares were bought as investors stayed away from overseas markets, and bought into index names ahead of the MSCI rebalancing and fourth quarter earnings,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse bounced back as investors took positions with hopes pinned on the continuous improvement of our COVID-19 situation, and a stronger economy this 2022.”

AB Capital Securities said “The market again swung back to positive territory on its fifth day of tight consolidation between 7,380 and 7,470. Yesterday's index gainers in banking and telco were today's losers, while property and retail recovered lost ground.”

Related Tags

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