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Manila Bulletin devider Business devider The Stock Market devider Bargain hunters keep local market buoyant

Bargain hunters keep local market buoyant

Published Jun 26, 2024 08:10 am

The local stock market inched up as investors continued to slowly pick up bargains.

The main index added 14.06 points or 0.22 percent to close at 6,313.11 led by the advance of the Services sector while Conglomerates and Miners retreated. Volume improved to 323 million shares worth P4.91 billion as losers beat gainers 90 to 85 with 69 unchanged.

”Local shares closed slightly above the 6,300 level as bargain hunting continued before the semester end,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “this patterned the mixed performance of US equities, which were influenced by a 7 percent jump in NVIDIA. The artificial intelligence giant's market cap gives it significant sway over the S&P 500, and its 154 percent surge in 2024 has raised concerns about the narrowness of this year's rally.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said, “the market moved sideways for Wednesday’s session wherein bargain hunting prevailed leading to a positive close. Additionally, foreigners remained as net buyers."

“However, many are still cautious ahead of the Bangko Sentral ng Pilipinas’ policy meeting this Thursday. As a result, net market value turnover was tepid,” he noted. 

Related Tags

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