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Manila Bulletin devider Business devider The Stock Market devider Stocks bounce on bargain hunting

Stocks bounce on bargain hunting

Published Mar 18, 2024 08:47 am

The local stock market bounced from last Friday’s steep drop but lost most of its intraday gains as investors remain cautious ahead of the release of US economic data and the Fed meeting.

The main index added 30.97 percent or 0.45 percent to close at 6,853.29, after rising above the 6,900 level earlier in the session, as Banks led the advance while Services and Conglomerates retreated. A total of 2.21 billion shares worth P6.3 billion changed hands as gainers were slightly ahead of losers at 101 to 97 with 39 unchanged.

“Philippines investors brushed off the latest FTSE rebalancing last week as attention will focus on more economic data,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “these include Building Permits, expected to come in at 1.5 million on Tuesday, and the Interest Rate announcement on Wednesday, with an anticipated rate of 5.5 percent . The Federal Reserve is likely to maintain the current interest rates, but there's speculation about potential rate cuts starting in the second quarter of the year. “

Philstocks Financial Assistant Research Manager Claire Alviar said that, “after the steep decline last Friday, the local bourse went up as investors sought bargains. The growth of Overseas Filipinos’ cash remittances by 2.7 percent in January, provided optimism as well.”

 

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Philippine Stock Exchange index (PSEi) Luis Limlingan Philstocks Financial Claire Alviar
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