Business NEWS

The local stock market bounced with small gains after last week’s fall as some bargain hunting has started.

The Philippine stock market fell as foreign funds continue to flow out.The main index dropped 94.46 points or 1.32 percent to close at 7,045.83 with only the Industrial and Mining & Oil counters advancing.

The Philippine stock market fell as share prices of heavyweights were ripe for profit-taking.

The local stock market bucked expectations of further corrections and surged on the first trading day of December, kicking off what many hope will continue into a Christmas rally.The PSE soared 218.10 points or 3.21 percent to close at 7,009.56 as the Property and Holding Firms counters led the charge although banks retreated.Volume was lower but remained hefty at 4.04 billion shares worth P10.89 billion with gainers outpacing losers 119 to 102 with 35 unchanged.“Local shares started the first trading day of the month charging past 7,000 as investors positioned for Xmas rally and ahead of 2021. In addition, many bought into shares that were heavily oversold after the MSCI rebalancing last Friday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.AAA Equities Head of Research Chris noted that, “The PSEi rallied today as buyers aggressively picked up shares of blue chips that were battered last week… Investors remain very optimistic which is evident in the market’s movement as well as trading volumes. The optimism came from the expectations of more mobility in the coming weeks as the government lifted certain restrictions to allow more economic activity.”

The local stock market fell as foreign funds cash in and leave for greener pastures. The main index dropped 107.16 points or 1.51 percent to close at 7,002.51 although the Mining and Oil counter managed to post a strong gain.Volume continued to grow with 8.03 billion shares worth P14.07 billion changing hands as losers beat gainers 120 to 97 with 40 steady.“Local shares were sold ahead of the Thanksgiving holiday, while foreign funds continued to flock back to regions which they believe would be the first ones to receive the vaccine upon mass production,” Regina Capital Development Corporation Managing Director Luis Limlingan.AAA Equities Head of Research Chris Mangun said “The market continued lower today as profit-taking persisted. It ended right at the 7,000 physiological support level. The pullback was expected after the PSEi gained more than 22 percent in the last three weeks.”

The local stock market was barely higher after investors were quick to cash out after early gains.

Philippine Stock Exchange shareholders elected four new members to its Board of Directors, including the son of former President Gloria Macapagal-Arroyo.