The local stock market bounced from last week’s drop as investors started picking up bargains on the back of stronger US bourses.
The main index 51.31 points or 0.73 percent to close at 7,106.01 as Holding Firms led the advance while the Industrial and Mining and Oil counters retreated.
Volume was relatively stable at 930 million shares worth P7.49 billion as losers beat gainers 104 to 81 with 46 unchanged.
“Philippine shares got off to a strong start in November as traders weigh a record-high close for U.S. equities and await key central bank decisions amid concerns about elevated inflation,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “This morning it was announced that the Ph IHS Markit PMI of the country was printed to be at 51–its second straight month of expansion. The recent figure was 2.5 points higher than the 48.5 print a year ago due to the rise in new orders. Likewise, October PMI was also dubbed as the highest reading since March.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse bounced back as investors took opportunities out of its preceding 3-day decline.”
He noted that, “The continuous improvement in our COVID-19 situation helped spur optimism since it raises the chances of social restrictions being eased in the government’s next deciding period.“
Source: Manila Bulletin (https://mb.com.ph/2021/11/02/stocks-rise-on-bargain-hunting-7/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-rise-on-bargain-hunting-7)
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