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The market bounced for the second trading day from its 6,054 bottom last Thursday. It remains to be seen whether the current index move represent a bottom already as the market is still reeling from the recent interest rate hikes by the BSP. Moreover, very few Blue-Chip stocks are making a comeback at the moment.
Penny stocks still top most of the stock movers, PXP up by 15.38% while BBM stocks WEB (+8.20%) and ARA (+3.33%) are continuing there rally.
The index closed at 6,238.82 but it is noticeable that the market still had a net foreign selling of -389.2Million.
For the index sector service (+1.95%) and industrial index (+1.23%) led the movement while Mining (-1.33%) dropped today.
For the Blue chip index, URC (+6.51) and CNVRG (+5.84%) led the momentum while BPI (-2.84) and RLC (-2.66%) were the major losers for the day. CNVRG finally rebounded from its oversold conditions.
The US Market also had a good run last Friday’s closing with S&P500 gaining over 3%, Dow Jones Industrial index by 2.68% and Nasdaq Index by 3.34%.
Futures today in the US Markets are pointing to a positive opening as well.
palaboytrader
Joey is the founder of a Philippine Stock Market Youtube channel and also known as “Palaboy Trader”. He does daily review of Trending stocks and teaches basics of Investing and trading. He has the aim to educate Filipinos to be financially independent He is also is an Overseas Filipino Worker Currently working in a Multinational Company in Malaysia
