Stocks recover as investors scoop up bargains

MANILA, Philippines —  Share prices recovered after two days of decline as investors scooped up stocks at lower prices, with foreign fund inflows lending support to the market.

The benchmark Philippine Stock Exchange index climbed by 0.82 percent, or 45.94 points, to close at 5,663.17.

The broader All Shares index likewise gained by 0.50 percent, or 15.83 points, to finish at 3,174.69.

Philstocks Financial research manager Japhet Tantiangco said the local market bounced back as investors hunted for bargains following two straight days of decline.

“Investors picked up shares as the market hit its 5,600 support level,” he said.

Tantiangco added that  foreign investors  helped fuel the climb, with net inflows reaching P140.50 million.

However, Regina Capital  head of sales Luis Limlingan  said market sentiment remained cautious as the peso breached the 63-per-dollar level yesterday, reflecting continued   weakness in the local currency.

“Moving forward, the market is expected to remain wary of economic and geopolitical developments, with investors closely monitoring peso movements and broader macroeconomic conditions,” Limlingan said.

Sectoral indexes were mixed, with those in the green having a slight edge. Property posted the largest gain at 1.89 percent, while mining and oil saw the biggest drop at 2.47 percent.

Total turnover value rose slightly to P6.99 billion from P6.51 billion the previous day.

Advancers edged out decliners, 91 to 89, while 66 issues did not change hands.

ICTSI was the top traded stock, rising 0.74 percent to P820.50 per share. SM Prime followed, surging 5.57 percent to P16.68, while Manila Water inched down 0.48 percent to P30.95.