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

Stocks bounce on bargain-hunting

Published Jun 24, 2024 08:30 am

The local stock market finally bounced after its eight-day fall as investors started bargain-hunting.

The main index jumped 113.98 points or 1.85 percent to close at 6,272.46 as the Property sector led the rally while Miners still lagged behind. Volume was a little better than average at 356 million shares worth P6.17 billion as losers still outnumbered gainers 105 to 80, with 46 unchanged.

“Philippine shares made a furious rebound to start the week after the dramatic sell-off last Friday as investors went bargain hunting across the board ahead of the window dressing to end the semester,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse had a strong rebound following eight consecutive days of decline. Many investors have decided to buy stocks at bargain levels after the market’s steep decline last week.”

“Moreover, the increase in infrastructure spending for the first four months of the year helped lift the sentiment. However, the rebound was driven mostly by the local investors, as foreigners remained net sellers,” she noted.

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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