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Bargain hunting boosts local stocks

By James A. Loyola

The local stock marker managed to mark a small gain yesterday after trading weaker all day on concerns over claims of success in developing a vaccine against COVID-19.

The Philippine Stock Exchange index (PSEi) gained 26.11 points, or 0.47 percent, to close at 5,582.96 with only the Industrial and Services sectors in the red.

Volume weakened further to 316 million shares worth ₱3.3 billion as losers edged out gainers 88 to 84 with 40 unchanged.

“Bargain hunting in the final minutes sent the local bourse higher,” said Philstocks Financial Senior Analyst Japhet Tantiangco adding that the market has been in the negative territory for the most part of the trading day amid tempered hopes on Moderna’s experimental Coronavirus vaccine.

Regina Capital Development Corporation Managing Director Luis Limlingan added that “more talk of stimulus also became a catalyst for the market.”


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/20/bargain-hunting-boosts-local-stocks/)

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