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Manila Bulletin devider Business devider Stocks inch up on bargain hunting

Stocks inch up on bargain hunting

Published Jun 8, 2022 02:30 pm

The local stock market inched up some more as investors picked up bargains amid an improvement in global markets.

The main index added 15.61 points or 0.23 percent to close at 6,769.62 as sectoral indices were evenly mixed. Volume remained thin at 745 million shares worth P5.37 billion as gainers beat losers 109 to 78 with 46 unchanged.

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“Philippine shares rose for a second consecutive day as global markets shrugged off some signs of an economic slowdown ahead of a key inflation reading,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse climbed further on the back of bargain hunting. The positive cues from Wall Street also helped in Wednesday’s climb, backed by the decline in long term bond yields.“

He noted that, the weak volume “shows that many investors are still staying out of the market due to lingering concerns, primarily rising inflation expectations.”

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