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Stocks bounce back on string of good news

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The Philippine Stock Exchange index bounced back after the previous day’s panic selling as investors gain confidence from stronger US markets.

The main index jumped 100.68 points or 1.41 percent to close at 7,233.26 as the Services sector led the rally across the board. Gainers beat losers 109 to 65 with 54 unchanged.“Philippine shares advanced this session as investors made bets that the first reported Omicron cases would be contained and after the Fed gave more clarity as to when it would start tapering,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

It noted that, “the Federal Reserve announced that it is shifting its stance from economic stimulus to inflation containment, with policymakers expressing confidence that economic recovery can be sustained despite the planned interest rate hikes.”

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