The local stock market posted some gains as investors started to pick up bargains late in the session.

PSE file photo

The PSEi rose 40.66 points or 0.63 percent to close at 6,500.42 as all sectors improved, led by the Mining and Oil and Industrial counters.

Volume improved slightly to 5.84 billion shares worth P5.52 billion as gainers beat losers 106 to 84 with 56 unchanged.

“Philippine shares were bought up towards closing as sentiment from Wall Street investors spilled over – funds found few reasons to drive equity benchmarks further into record territory after the major benchmarks ended last week at all-time highs,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse climbed as bargain hunters took opportunities out of its preceding 2-day decline.”

He noted though that volume was still low, “implying that many investors are still staying out of the market amid the elevated risks in our economy brought by the COVID-19 pandemic.“

AAA Equities Head of Research Chris Mangun said “The market is in equilibrium as buyers and sellers have balanced each other out. Optimism on the economy’s recovery  and inoculation progress was cancelled out by soaring new COVID-19 cases and tighter restrictions.”

He noted that, “The market’s movement is similar to what we saw back in September to October of last year, right before it took off.”

Mangun said several mining issues advanced as investors speculate potential developments while taking advantage of the broader market’s advance.

Source: Manila Bulletin (