The local stock market made a strong bounce to recover most of Friday’s losses as investors moved in to buy cheaper shares amid positive news on vaccines and the economy.
The main index surged 202.14 points or 3.06 percent to close at 6,814.76 as the Property sector led gains across the boar
Published December 28, 2020, 4:42 PM
The local stock market dropped yesterday due to concern over the new strain of COVID-19 which may trigger the reimposition of more stringent quarantine measures.
The Philippine Stock Exchange index (PSEI) lost 82.13 points, or 1.14 percent, to close at 7,122.25 as all sectors retreated.
Photo credit: (https://www.pse.com.ph/)
A total of 60.55 billion shares worth P8.14 billion changed hands as losers beat gainers 175 to 62 with 34 unchanged.
“The PSEi continued lower today as we saw some panic selling due to the anticipation of tighter lockdown restrictions,” said AAA Equities Head of Research Chris Mangun.
Regina Capital Development Corporation Managing Director Luis Limlingan said “Local shares closed lower as investors monitored the latest developments on the congressional aid package.”