The local stock market made a strong bounce to recover most of Friday’s losses as investors moved in to buy cheaper shares amid positive news on vaccines and the economy.
The main index surged 202.14 points or 3.06 percent to close at 6,814.76 as the Property sector led gains across the boar
Published January 28, 2021, 4:35 PM
The local stock market ended slightly weaker even after the government announced that the economy shrank by a lower rate in the last quarter.
The main index shed 11.77 points or 0.17 percent to close at 6,851.84 with only the Property and Holding Firms counters remaining in the green.
Volume dropped to 56.22 billion shares worth P8.8 billion as losers beat gainers 136 to 73 with 53 unchanged.
“Local shares traded slightly negative as the final print of 2020 GDP showed a slower contraction, however many opted to sell after the U.S. Fed’s message did not sit well with investors,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
The local stock market fell again ahead of the release of GDP figures on Thursday while investors grow increasingly worried over the new strain of the coronavirus.
The PSEi lost 113.55 points or 1.63 percent to close at 6,863.61 with only the Mining and Oil counter advancing.
Volume was lo
The PSEi dropped 94.34 points or 1.33 percent to close at 6,977.16 as all sectors retreated.
Volume was higher at 74.53 billion shares worth P11.56 billion as decliners swamped gainers 209 to 29 with 31 unchanged.
“The market closed below the 7,000 psychological support level amid stricter lockdown measure worries after the mounting cases of a new Covid-19 variant in the provinces,” said Philstocks Financial Research Analyst Claire Alviar.
She added that, the local transmission of the new COVID-19 variant worried investors, forcing them to unload shares.
Regina Capital Development Corporation Managing Director Luis Limlingan said stocks fell also because “many are anxious over the the new US fiscal aid to be tackled this week’s Fiscal Reserve’s meeting.”
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