Share Prices Buoys With Last-Minute Buying
The stock market managed to pull off an afternoon rally last February 14 as investors engaged in last-minute buying, according to traders. This helped the Philippine Stock Exchange index gain 27.97 points (0.32%). It finished at 8,598.11, while the broader All Shares index gained 19.59 points (0.38%) ending at 5,072.80.
Despite the gains in the US market, local stock prices still declined early in the trading day and closed the morning session with a red mark. It was on the afternoon of February 14 that the local market recovered as investors factored in the upward trend in some Asian markets.
Regina Capital Development Corp. business development head Luis Limlingan said, “Philippines and US stocks eked small gains, but were still showing signs of renewed intraday turbulence, as markets struggled to comprehend a new set of volatilities, ahead of key inflation data and doubts that last week’s brutal selling will be short-lived.”
All local indices closed on a positive note except for industrial firms which posted a slight drop.
The property counters recorded the largest gain of 1.23%, followed by mining and oil and services counters with increases of 0.88 percent and 0.72%, respectively.