Stocks lose intraday gains in volatile trading

  • 📰 manilabulletin
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

The local stock market lost most of its intraday gains but still managed to end in the green as oil prices rose further due to the war in Ukraine.

The PSEi inched up 12.15 points or 0.17 percent to close at 6,989.88 as Banks led the advance while Conglomerates and Mining firms retreated. Volume was hefty at 16.8 billion shares worth P10.73 billion with slightly more losers than gainers at 108 to 102 with 33 unchanged.

The WTI, the benchmark crude for North America, surged as much as 7 percent to over $128 a barrel on US President Biden’s remarks that the U.S. will ban Russian oil importation. AB Capital Securities said “Market rebounded from yesterday’s sell-off, but trimmed its gains at the close as most investors remain risk averse due to geopolitical issues in Europe.”Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse edged higher as bargain hunters took opportunities out of its preceding 3-day 5.55 percent decline. Gains were trimmed however by last minute selling.

He noted that, “The rise in our gross international reserves last February 2022 which can cushion the impact of external shocks helped the local market in its climb.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 25. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

How PSEi member stocks performed — March 8, 2022 - BusinessWorld OnlineHere’s a quick glance at how PSEi stocks fared on Tuesday, March 8, 2022. READ:
Source: bworldph - 🏆 9. / 68 Read more »

Stocks drop as investors worry over inflation, Ukraine invasionLocal share prices weakened as investors fear rising inflation amid the intensifying war between Russia and Ukraine.
Source: manilabulletin - 🏆 25. / 51 Read more »

Philippine stocks: Gainers, losers, market-moving news – March 2022Bookmark and refresh this page for the latest news and analysis on stock market movers, corporate and financial news, business deals, and the economy in the Philippines
Source: rapplerdotcom - 🏆 4. / 86 Read more »

How PSEi member stocks performed — March 8, 2022 - BusinessWorld OnlineHere’s a quick glance at how PSEi stocks fared on Tuesday, March 8, 2022. READ:
Source: bworldph - 🏆 9. / 68 Read more »