The main index rose 84.07 points or 1.15 percent to close at 7,388.09 as the Mining and Oil counter led the rally across the board. Volume also expanded to 1.82 billion shares worth P8.26 billion as gainers beat losers 121 to 76 with 41 unchanged.“Philippine shares rebounded sharply despite a continued surge in oil prices amid the intensifying conflict between Russia and Ukraine,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that US Federal Reserve Chair Jerome Powell said that he was inclined to propose and support a 25 basis-point rate hike at the FOMC’s March meeting as inflation is seen to peak and begin to come down this year. Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse bounced back as investors hunted for bargains from the preceding day’s decline.”
He noted that, “The continuous improvement in our country’s COVID-19 situation, with additional cases hitting 866 this past Wednesday, the lowest for the year so far, gave sentiment a boost.”