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Manila Bulletin devider Business devider The Stock Market devider Stocks rise on follow-through bargain-hunting

Stocks rise on follow-through bargain-hunting

Published Nov 18, 2024 08:44 am

Local share prices rose further as investors continued to pick up bargains.

The main index added 84.70 points or 1.27 percent to close at 6,761.35 as Conglomerates led the advance while Industrials, Services, and Miners declined. 

Volume was firm at 696 million shares worth P5.78 billion as gainers barely beat losers at 97 to 94 with 62 unchanged.

“Philippine shares continued to rebound after the sell-off last week as investors prepare for a fresh round of economic data,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “Goldman Sachs released its most recent market outlook for 2025, placing the Philippines at an overweight rating, a further catalyst for investors to be buying into the market.”

Philstocks Financial Research Manager Japhet Tantiangco said, “the local market rose this Monday as investors continued to hunt for bargains. This comes as the market has already been on a four-week decline.”

“Also helping the market is the appreciation of sound third quarter and first nine months corporate results,” he noted.

 

Related Tags

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