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Manila Bulletin devider Business devider Bargain hunters stop PSEi's slide

Bargain hunters stop PSEi's slide

Published Jun 3, 2022 04:25 pm

The local stock market closed higher after a weak start as investors started picking up bargains before the week ended.

The main index rose 54.57 points or 0.82 percent to close at 6,741.40 as the Mining and Oil sector led in the advance across the board. However, volume dropped further to 1.09 billion shares worth P4.61 billion with gainers edging out losers 102 to 89 with 42 unchanged.

PSE

“Philippine shares rebounded as investors realigned their focus on the closely-watched (US) May jobs report due Friday.

He added that, “investors were also digesting US employment data released by ADP, which showed the slowest job creation pace of the pandemic-era recovery at just 128,000 in May.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse bounced back as investors hunted for bargains from its preceding 3-day decline.”

He noted that, “The OPEC+’s decision to increase its oil output in July and August helped lift sentiment. The positive cues from Wall Street amid the decline in the US’ initial jobless claims also helped in today’s climb.”

Related Tags

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