PSEi up slightly amid uncertainties (Sabong News)
Author
James A. Loyola
Date
MARCH 28 2022
The local stock market was again saved by last-minute buying to close higher after early losses.
The main index inched up by 9.52 points or 0.13 percent to close at 7,134.36 although only the Industrial and Holding Firms sectors managed to advance while the rest retreated. Volume was low at 768 million shares worth P5.19 billion as losers beat gainers 94 to 77 with 55 unchanged.
“Philippine shares were bought up ahead of the quarter end and a series of key economic data releases while the street keeps a watchful eye on the Fed’s planned interest rate hikes,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Last minute buying sent the local market higher. For the most part of the day however, the local bourse was in the negative territory as investors booked gains from its preceding 4-day rally.“
He noted that, “Inflation concerns also resurfaced amid the anticipated increase in local fuel prices by Tuesday.”
“The lethargic trading shows that many are staying on the sidelines due to the lingering uncertainties” Tantiangco added.
