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Manila Bulletin devider Business devider Stocks bounce on profit-taking

Stocks bounce on profit-taking

Published Feb 21, 2023 04:23 pm

The local stock market bounced after sliding for three days as investors started looking for bargains.

The main index rose by 56.84 points or 0.84 percent to close at 6,800.96 as Banks led the advance although the Services sector lagged behind. However, volume remained anemic at 611 million shares worth P3.52 billion as losers still beat gainers 94 to 79 with 50 unchanged.

“Philippine shares advanced in the afternoon session despite the fall in US markets,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Investors now await the S&P Global Composite PMI, Mfg PMI, Services PMI, and Existing Home Sales release in the US later today.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse returned to the 6,800 level as investors hunt for bargains following the three consecutive days of market decline.“

She added that, “The recorded balance of payments surplus in January, helped lift the sentiment in the market. The data showed that the BoP surplus in January was at $3.08 billion, a reversal of the $102 million deficit in same period last year.”

Related Tags

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