Stocks rise on continued bargain hunting

The main index gained 41.63 points or 0.60 percent to close at 7,037.74 with the Mining and Oil counter leading the advance of all sectors. Volume improved to 989 million shares worth P5.2 billion as gainers beat losers 102 to 83 with 46 unchanged.“Philippine shares were bought up as investors continued to keep an eye on surging rates and commodities,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Macroeconomic data outside the country remained weak, while locally others are making bets ahead of the earnings season.” Good afternoon Sir! Here is our comment for today. Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse climbed further as investors appreciated our February Overseas Filipinos’ cash remittance data which posted a growth of 1.3 percent.”

He added that, “The continuous improvement in our COVID-19 situation with new cases from April 11 to 17 at 1,674, down 12 percent week-on-week as per the Department of Health, also helped in lifting sentiment.”

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