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Manila Bulletin devider Business devider The Stock Market devider Sustained bargain hunting props up PH shares

Sustained bargain hunting props up PH shares

Published Apr 18, 2024 09:09 am

The local stock market added to the previous day’s gains as bargain hunters were emboldened by the support the PSEi found at the 6,400 level.

The main index rose by 73.15 points or 1.13 percent to close at 6,523.19 with the Services sector leading the advance while Miners retreated. Volume grew to 634 million shares worth P6.56 billion as gainers beat losers 107 to 76 with 43 unchanged.

“Local investors continued to bargain hunt into the Philippine equities market. Sentiment was boosted as investors digested positively the upward GDP forecast revision of the IMF,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “This Thursday, the local market rose due to sustained bargain hunting. Investors continued to take opportunities from the market’s recent steep decline.”

“Fueling the positive sentiment was the resurfacing of rate cut hopes as Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr. stated the possibility of monetary easing starting in the fourth quarter of this year,” he added.

 

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Mikhail Philippe Plopenio Philstocks Financial
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