The local stock market managed tk claw back from early losses to end marginally higher as some investors picked up bargains.

PSE file photo


The main index gained 6.62 points or 0.10 percent to close at 6,559.08 with only the Holding Firms and Property counters remaining in the red.


Volume fell though, with 3.3 billion shares worth P5.9 billion changing hands as gainers beat losers 118 to 97 with 41 unchanged.


“Philippine shares reversed earlier losses to close in the green as news reports say the government signed a supply deal for 30 million Novavax doses,” said Regina Capital Development Corporation Managing Director Luis Limlingan.


He added that, “sentiment also got a boost as investors grew optimistic about the economic reopening from the pandemic worldwide, shaking off their losses from earlier in the session.”


Philstocks Financial Research Associate Claire Alviar said “The local bourse gained as investors bargain hunt after the slump yesterday with optimism from the record-high performance of the US market overnight.”


However, she noted that, “We do not see confidence in the market right now despite today’s gain since value turnover was recorded only at P5.9 billion-the lowest for this year so far.”


Source: Manila Bulletin (https://mb.com.ph/2021/03/16/stocks-recover-from-early-losses/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-recover-from-early-losses)