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Stocks rebound on bargain hunting

The local stock market bounced Tuesday from the steep fall in the previous session as investors picked up bargains.

The Philippine Stock Exchange index (PSEi) gained 59.58 points, or 1.04 percent to close at 5,775.50 as share prices rose across the board.

Volume was weaker though with 1.59 billion shares worth P5.74 billion changing hands as gainers beat losers 136 to 52 with 46 unchanged.

“Investors became bargain hunters in the PSEi following the huge sell-off yesterday as many embrace for big week for corporate earnings, boosted by positive manufacturing data out of the euro zone, and leads from the US Technology sector,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

AAA Equities Head of Research Chris Mangun said “The market recovered as investors were optimistic that businesses are more prepared to operate efficiently despite stricter quarantine restrictions. Selling pressure was lighter today and yesterday’s move was seen as a knee jerk response to the reimposition of the lockdown.”

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