Bargain Hunting Ends PSEi Three-Day Losing Streak
After a three-day losing streak, the Philippine Stock Market has finally snapped back, pulling off late a rally of investors that are looking to take advantage of bargains. The Philippine Stock Exchange index (PSEi) managed to gain early losses as it finishes yesterday’s session at 7,617.42 (up 59.51 points or 0.78 percent). Meanwhile, it closed the morning session 0.21 percent. The broader All Shares index mirrored gains of the benchmark index, closing 22.62 points, or 0.49 percent, higher at 4,618.05.
Regina Capital Development Corp. business development head Luis Limlingan said:
“Philippine markets finally got a lift, coinciding with Wall Street snapping a five-day losing streak as interest rate concerns ebbed.”
“Overnight markets were relatively muted despite the 10-year US Treasury yield firmly above three percent, bringing some buying interest back to the markets,” Limlingan added.