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Manila Bulletin devider Business devider The Stock Market devider PSEi bounces, OceanaGold down on listing

PSEi bounces, OceanaGold down on listing

Published May 13, 2024 09:01 am

The local stock market bounced on strong investments data and hope for lower US inflation numbers.

The main index jumped 92.32 points or 1.42 percent to close at 6,604.25 as the Services banking sectors surged. Volume was hefty at 947 million shares worth P11.01 billion as gainers beat losers 118 to 74 with 49 unchanged.

OceanaGold (Philippines) Inc. saw its share price fall 6.16 percent or 82 centavos to P12.50 a share after the listing of its shares at the Philippine Stock Exchange following a P6-billion initial public offering at P13.33 per share.

“Local stocks recuperated from prior losses as investors anticipate slower US inflation rate this Wednesday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse jumped, attributed to bargain hunting following two consecutive days of market decline. Additionally, strong February foreign direct investment (FDI) data bolstered sentiment.”

In February 2024, the Philippines posted FDI net inflows amounting to $1.4 billion, up by 29.3 percent year-on-year. For the first two months of 2024, the country’s FDI net inflows is at $2.3 billion, up by 48.2 percent year on year.

Related Tags

OceanaGold Philippines Inc. (OGPI) Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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