Stocks rise on hopes over economic plan (Sabong News)
Author
James A. Loyola
Date
MARCH 24 2022
The local stock market firmed up on optimism over the government’s new agenda to boost the economy.
The main index rose 73.18 points or 1.04 percent to close at 7,082.61 as the Mining and Oil counter surged while Banks and the Property sector retreated. Volume improved to 15 billion shares worth P7.83 billion as gainers beat losers 108 to 64 with 58 unchanged.
“Investors turned into bargain hunters as they took bets ahead of the Monetary Board meeting later this afternoon. Judging from the recent comment of the BSP Chief, RCDC doesn’t expect a surprise rate hike to take place today,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Investors also welcomed E.O. No. 166, a 10-point policy agenda recommended by the Economic Development Cluster aimed at accelerating the economy’s recovery from the pandemic.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse rose amid hopes that the Philippine economy’s recovery would remain strong despite headwinds from offshore.”
He also noted that, “Strong economic recovery hopes were backed by the government’s 10-point policy agenda under the newly approved Executive Order No. 166 which is seen to give emphasis on stronger pandemic countermeasures and further reopening of the economy.”
