PSEI bounces after steep losses (Sabong News)
Author
James A. Loyola
Date
APRIL 28 2022
The local stock market bounced after suffering losses in past sessions on the back of some bargain hunting.
The main index recovered 45.54 points or 0.66 percent to close at 6,909.45 as the Mining and Oil and Financials counters led the advance of all sectors. Volume declined to 8.5 billion shares worth P5.73 billion as gainers outpaced losers 92 to 83 with 58 unchanged.
“Philippine shares rose to recover some previous losses, as concerns over inflation and global economic growth stirred up further volatility across risk assets,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “US equities on the other hand whipsawed between gains and losses as investors digested a slew of mixed corporate earnings from the likes of Microsoft and Alphabet.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse bounced back as investors hunted for bargains from its preceding 2-day decline.”
He noted that, “The strong growth of the national government’s public revenue and the narrowing of its budget deficit in the first quarter of 2022 gave sentiment a boost.“
