The local stock market jumped as investors scooped up bargains following last Friday’s huge drop in share prices.

The main index rose 193.49 points or 3.06 percent to close at 6,513.68 as the battered Holding Firms sector led the rally with only the Mining and Oil counter retreating.

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Volume was firm at 1.82 billion shares worth P8.65 billion as gainers barely edged out losers 101 to 98 with 41 stocks steady.

Regina Capital Development Corporation Managing Director Luis Limlingan said “Investors became bargain hunters today following the sell-off from the PSEi rebalancing last Friday.”

He noted that, “Many are taking cues from the last earnings releases set to be released, while others are tracking the cases of Covid19 locally and regionally.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse rallied on the back of bargain hunting. Investors took opportunities out of the market’s sharp drop last Friday leading to Monday’s gains.”

He said though that, “many investors are staying on the sidelines due to the risks brought by our COVID-19 situation on our economic and corporate outlook. Foreign transactions for the day recorded a net outflow of P1.86 billion.”


Source: Manila Bulletin (https://mb.com.ph/2021/08/16/stocks-rally-on-bargain-hunting/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-rally-on-bargain-hunting)