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Stocks recover from early losses

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The local stock market managed to recover from early losses on the back of the announcement of a rollback in pump prices on Tuesday. The main index added 26.82 points or 0.42 percent to close at 6,388.64.

The local stock market managed to recover from early losses on the back of the announcement of a rollback in pump prices on Tuesday.

The main index added 26.82 points or 0.42 percent to close at 6,388.64 as Banks led the advance although Conglomerates and Mining firms lagged behind. Volume dropped to 775 million shares worth P3.75 billion as losers beat gainers 101 to 82 with 45 unchanged.

Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse gained due to last-minute bargain hunting. Also, the big-time oil price rollback tomorrow helped the bourse to end in the green.” She noted that, “The market traded mostly in the red territory amid a lack of positive catalysts while waiting for the inflation rate in the US.”

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Mixed sentiment for stocks this weekWhile the local stock market is seen to be buoyed by prospects of a big drop in pump prices this week, sentiment may continue to be dampened by the weak peso.
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