The local stock market rose as bargain hunters picked up shares late in the session on the back of gains in the US.

PSE file photo

The main index rose 52.06 points or 0.81 percent to 6,495.15 with only the Property sector retreating.

Volume dropped to 1.85 billion shares worth P5.36 billion as gainers beat losers 117 to 85 with 48 unchanged.

“Local shares inched higher following the solid infrastructure plan rolled out by Pres. Joe Biden and with investors making several bets for the month ahead,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “In addition some encouraging macro data came out this morning. The country recorded a PMI of 52.2 in Mar, as per IHS Markit. This marks the third consecutive month of expansion in 2021.”

Philstocks Financial Senior Analyst Japhet Tantiangco said “Bargain hunting lifted the local market as investors took opportunities out of the market’s decline last week.”

He added that, “The local bourse also took cues from the strong US jobs data with March nonfarm payrolls rising by 916,000 and the unemployment rate declining to 6 percent.”

AAA Equities Head of Research Chris Mangun said “The PSEi climbed higher on lower trading volumes as investors held on to positions and gave the market the benefit of the doubt.”

He added that, “Most were expecting some panic selling and were bearish going into the new trading week. Trading volumes declined further, a sign that most investors are on the sideline due to the cautious sentiment.”

Mangun said “The government’s intent to allow the private sector to purchase and administer vaccines with minimal limitations as well as the release of P23 billion worth of financial assistance to those under tighter restrictions, may have improved the sentiment.”

Source: Manila Bulletin (