Local share prices rose on continued bargain hunting on the back of gains in the US bourses overnight.

Photo credit: PSE Information Desk

The main index advanced 41.49 points or 0.61 percent to close at 6,808.32 with only the Financials and Mining and Oil counters retreating.

A total of 9.14 billion shares worth P11.07 billion changed hands as losers still beat gainers 155 to 72 with 34 unchanged.

“The PSEi recovered further as buyers picked up shares of companies that took a beating at the beginning of the week,” said AAA Equities Head of Research Chris Mangun.

He added that, “The sentiment improved slightly, as panic selling was calmed by the fact that new COVID-19 cases came in below the 3,000 mark yesterday. The slow recovery in employment for the month of January, emphasized  the importance of not returning to a hard lockdown.“

Philstocks Financial Research Associate Claire Alviar said “The local bourse gained following the positive cues from Wall Street overnight and as investors continue to hunt for bargains.”

She noted though that, “the market has traded both in the green and in the red earlier as concerns over the mounting cases of Covid-19 in the Philippines still weigh on investor sentiment.”

Regina Capital Development Corporation Managing Director Luis Limlingan said “Philippine shares traded higher as a sell-off in US government bonds made a momentary pause. The much scrutinized 10-year treasury bonds trade lower to 1.545 percent last night after inching towards the 1.60 percent level.”

Source: Manila Bulletin (https://mb.com.ph/2021/03/10/psei-up-on-bargain-hunting/?utm_source=rss&utm_medium=rss&utm_campaign=psei-up-on-bargain-hunting)