Stocks advance as bargain hunting persists

MANILA, Philippines — The local stock market climbed for a second straight session, as bargain-hunting activities persisted amid some positive developments on the local front.

The benchmark Philippine Stock Exchange index (PSEi) soared by 1.95 percent or 113.37 points, closing at 5,912.69.

The broader All Shares index likewise surged by 1.41 percent or 46.32 points to end at 3,331.88.

Philstocks Financial research manager Japhet Tantiangco said the local market extended its rally as investors continued with their bargain hunting.

“The market also cheered the significant rollback in fuel prices as it would help in the country’s inflation scenario. Finally, the government’s move to create a strategic petroleum reserve program helped in the session,” Tantiangco said.

All sectors finished in the positive territory, led by services, which gained by 4.85 percent.

Advancers crushed decliners, 98 to 79, while 60 issues were unchanged.

Total turnover value thinned to P6.79 billion from the previous day’s P8.5 billion.

ICTSI remained as the top traded stock, skyrocketing by 6.41 percent to P830 per share. It was followed by Jollibee, which jumped by 3.29 percent to P134.90, and BDO Unibank, which was unchanged at P114.10.

Equities mostly rose yesterday as investors assessed the chances of a Middle East peace agreement, while tech firms enjoyed another strong day as the AI bandwagon sped on.

However, US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu’s mixed signals over ending Israel’s attacks in Lebanon caused uncertainty.