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PSEi bounces back on bargain hunting

Richmond Mercurio - The Philippine Star
PSEi bounces back on bargain hunting
Recovering from its lowest finish since Oct. 8 on Wednesday, the benchmark Philippine Stock Exchange index (PSEi) climbed back to 7,032.54, up 85.48 points or 1.23 percent, ending a four-day losing streak.
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MANILA, Philippines — The stock market bounced back and made its return to the 7,000 level yesterday as investors picked up bargains following a steep drop the previous day.

Recovering from its lowest finish since Oct. 8 on Wednesday, the benchmark Philippine Stock Exchange index (PSEi) climbed back to 7,032.54, up 85.48 points or 1.23 percent, ending a four-day losing streak.

The broader All Shares index also jumped 38.12 points or 1.02 percent to close at 3,772.50.

Market rebounded from four days of steep losses and bounced back above 7,000 as daily new COVID-19 cases remain low despite global alarm over the new Omicron variant, AB Capital Securities said in a commentary.

Investors finally became bargain hunters in the Philippine market as many stayed away from countries with reported cases of the Omicron variant, said Luis Limlingan, managing director at Regina Capital and Development Corp.

Philstocks Financial analyst Japhet Tantiangco said the positive sentiment got a boost from the IHS Markit Philippines Manufacturing PMI data which stood at 51.7, reflecting an expansion of the country’s manufacturing sector.

The Senate’s approval on third and final reading of the 2022 national budget also helped in lifting sentiment, he said.

Tantiangco said foreign transactions for the day ended in a net outflow of P1.02 billion.

Value turnover stood at P9.04 billion. Advancers beat decliners, 111 to 78, while 50 stocks did not change.

All sectors finished higher, led by mining and oil with a 2.31 percent gain, and holdings firms with a 2.02 percent increase.

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