PSEi up 0.80% on ‘technical bounce’

Share prices on the Philippine Stock Exchange closed in the green on Tuesday as the market took a breather following days of massive selloff.

The bellwether PSEi gained 51.18 points or 0.80% to 6,446.35 at the closing bell. The broader All Shares increased by 25.61 points or 0.66% to 3,913.32.

“The PSEi bounced back and ended slightly higher as panic selling subsided,” AAA Equities head of research Chris Mangun said.

“It was mainly a technical bounce after days of massive decline,” he said.

“Fears of surging COVID-19 cases which may lead to an out-of-control situation persist; however, clarity on economic and business restrictions as well as progress on the inoculation may have had a positive effect on the general investor sentiment,” he added.

More than 2.3 billion shares valued at P5.04 billion, changed hands. Advancers led decliners, 125 to 76, and 52 issues were unchanged.

Mangun said that the lower value turn over, which is “less than half of the daily trading that we were seeing at the beginning of the year,” is an indication that most investors are on the sidelines and are taking a wait-and-see approach.—LDF, GMA News