The local stock market gained some lost ground as investors started picking up cheaper shares.

The main index gained 48.72 points or 0.72 percent to close at 6,834.66 as all sectors rose with the Mining and Oil counter leading the charge.

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Volume dipped to 1.52 billion shares worth P6.92 billion with gainers beating losers 110 to 86 with 58 unchanged.

“Investors reverted back to buying local shares as mixed economic reports economic reports in the US swayed investors to return back into the Philippines,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market rose as investors took opportunities out of its decline in the preceding day.”

He added that, “Thursday’s rise is also seen as a reflection of optimism towards the National Capital Region’s vaccination campaign.

According to MMDA Chairman Benhur Abalos, fully vaccinated individuals are already nearing 50 percent of the eligible population in the region while more than 70 percent is being hoped for in a month.”

Tantiangco noted that, “The progress in the NCR’s inoculation drive sets up hopes of the region’s economy being reopened.”


Source: Manila Bulletin (https://mb.com.ph/2021/09/02/stocks-up-as-investors-shift-to-buying-mode/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-up-as-investors-shift-to-buying-mode)