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PSEi bounces in mixed trading

Business | The Stock Market

PSEi bounces in mixed trading

By James A. Loyola

The PSEi bounced back amid some bargain hunting although trading was mixed as concerns over inflation linger.

The main index rose by 52.77 points or 0.80 points to close at 6,659.99 as Conglomerates led the advance but the Services and Mining sectors retreated. Volume was higher at 791 million shares worth P6.36 billion as losers outpaced gainers 100 to 94 with 37 unchanged.

“Philippine shares bounced back as the minutes from the Fed’s May meeting confirmed the central bank's concern to watch inflation,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “investors are now awaiting US weekly jobless claims and new home sales data for April.“

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, “this Thursday, the local market rose as investors hunted for bargains after a two-day decline. The net inflow of foreign funds amounting to P248.74 million aided the bourse as well.”

“However, ongoing economic headwinds such as the peso’s depreciation and the Federal Reserve’s hawkishness kept many on the sidelines,” he noted.

Related Tags

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

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