Bargain hunting rules; index rises
President Rodrigo Duterte gave a higher premium to public health and safety, as the sub indices declines were led by banks, mining, oils, industrials and conglomerates
Shares closed flat as investors remained cautious over a large federal stimulus jumpstarting the US economy but bargain hunting took over to buoy the index to gain on close.
Steep losses in technology shares dragged down the S&P 500 as a continuous rise in bond yields dented the appetite for growth stocks, Regina Capital Development Corp. managing director Luis Limlingan said. Meanwhile, investors bought into economically sensitive names to bet on a comeback, he added.
The Philippine Stock Exchange index (PSEi) finished at 6,814.67, rising 4.33 points or 0.06 percent, hitting a range of 6,736.42 to 6,814.67 on a volume of 209,435 shares worth P10.259 billion.
GCQ stays
D.A. Market Securities says virus curbs won’t be eased further without the rollout of vaccines. “President Rodrigo Duterte gave a higher premium to public health and safety, as the sub indices declines were led by banks, mining, oils, industrials and conglomerates,” the trading house said in a note.
Oil prices gained more than three percent, driven by the expected slow return of US crude output after last week’s deep freeze in Texas shut in production. Brent crude was up $2.04, or 3.2 percent at $64.95 a barrel (/bbl), while US oil rose $2.25, or 3.8 percent, to settle at $61.49 a barrel.
Steep losses in technology shares dragged down the S&P 500 as a continuous rise in bond yields dented the appetite for growth stocks.
Gold rose more than 1.5 percent to near a 1-week high on Monday as expectations for rising inflation triggered equity valuation concerns and drove investors toward the safe-haven metal, while a weaker US currency lent further support.
Spot gold was up 1.5 percent at $1,808.16 an ounce after hitting its highest level since 16 February in the session. US gold futures settled up 1.7 percent at $1,808.40.