PSEi rises on late cherry picking

The PSEi managed to end higher after trading weaker earlier in the day as bargain hunters stepped in before the bourse closed.

The main index rose 22.24 points or 0.32 percent to close at 7,020.83 although only the Holding Firms counter advanced while the Mining and Oil sector led decliners. Volume remained low at 650 million shares worth P4.52 billion as losers swamped gainers 127 to 54 with 47 unchanged.

“Philippine shares reversed losses from last Friday as investors continued to weigh the likelihood of a 50bps (US) rate hike in May and as they braced for a slew of corporate earnings this week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Last minute bargain hunting sent the local market higher. For the most part of the day, however, the market was in the negative territory as the rising yields in the US, worries over the knock on effects of China’s COVID-19 stricken economy on the Philippine economy, and local inflation concerns dampened sentiment.”

He added that, “Trading was tepid as many investors stayed on the sidelines due to the aforementioned headwinds.”

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Credit belongs to : www.mb.com.ph

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