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Manila Bulletin devider Business devider Stocks up on late bargain-hunting

Stocks up on late bargain-hunting

Published Mar 22, 2022 04:38 pm

The local stock market recovered from the previous day’s losses as investors picked up bargains late in the session.

The PSEi rose 52.34 points or 0.75 percent to close at 7,008.94 as Banks led the advance while the Industrial and Mining and Oil counters lagged behind. Volume weakened to 1.11 billion shares worth P6.67 billion as losers outnumbered gainers 81 to 77 with 60 unchanged.

PSE

“Philippine shares were bought up at close with investors speculating after Federal Reserve Chair Jerome Powell said the central bank is open to higher rate hikes to combat rising inflation,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse jumped on last-minute bargain hunting. The signing of the law amending the Public Service Act also helped the market's recovery for today.”

She noted that, “During the earlier part of trading, the market was trading in the red amid Russia-Ukraine tensions and worries over the rising oil prices which soared once again following reports that the European Union is considering banning Russian oil.”

“Aside from that, there was also negative spillover from the performance of the US markets overnight,” Alviar added.

Related Tags

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