2 weeks ago
10
The local stock market bounced after news that the Philippines will continue to receive US aid, while upbeat corporate earnings further lifted investor sentiment.
The Philippine Stock Exchange index (PSEi) rallied by 80.80 points or 1.33 percent to close at 6,144.96 on Wednesday, Feb. 26, as Banks led the advance while Miners fell. Volume was lower at 467 million shares worth P5.31 billion as gainers outnumbered losers 93 to 85 with 60 unchanged.
“Philippine shares gained some momentum as signs continued to show that the country strengthened foreign relations with the US,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that “News that the Trump Administration exempted the Philippines from its freeze on foreign aid was taken as a positive while other regional markets continued to trade on choppy territory.”
Chinabank Capital Corporation Managing Director Juan Paolo Colet said “The benchmark stock index rose on the back of generally positive corporate earnings results and fresh bargain hunting.
"Index technicals also indicate a potential break of an important downtrend line. If that is sustained in the next few trading days, then the market could stage a rally to key resistances at 6,300 and, thereafter, 6,600.”
Philstocks Assistant Research Manager Claire Alviar said, “The local bourse rebounded on Wednesday as investors seized buying opportunities after two consecutive days of decline.
“Optimism was further fueled by corporate earnings results, which contributed to the market's positive sentiment. Moreover, foreign investors also helped lift the market, registering a net inflow of ₱166.13 million.”
