PSEi bounces back on bargain hunting

MANILA, Philippines — The local bourse bounced back as investors hunted for cheap stocks following a decline the previous day.

The benchmark Philippine Stock Exchange index climbed by 0.39 percent or 23.34 points, settling at 6,079.02.

The broader All Shares index also advanced by 0.21 percent or 7.19 points to close at 3,459.45.

Luis Limlingan of Regina Capital said market players who took advantage of bargain prices following Tuesday’s drop drove the positive performance.

Limlingan also said that the peso’s appreciation against the dollar also supported the market.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said softer US jobs could still justify future cuts by the US Federal Reserve,and the  recent dovish signals from Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. served as positive factors for the PSEi.

All sectoral gauges were in the green, except for property, which tumbled by 1.3 percent.

Services posted the biggest gain at one percent, followed by holding firms, which inched up by 0.88 percent.

Market breadth was positive as advancers overpowered decliners, 97 to 88, while 59 issues were unchanged.

Trading was anemic as total value turnover thinned to P5.99 billion from the previous day’s P7.69 billion.

ICTSI remained the session’s top traded stock, surging by 1.76 percent to P577 per share, followed by BDO Unibank and BPI which slipped by 0.23 percent and 0.41 percent, respectively, to P131 and P120.

Stock markets mostly fell Tuesday as the US jobless rate hit its highest level since 2021, while oil prices slumped on renewed hopes for an end to Russia’s war in Ukraine.