Bargain hunting continues to lift market

MANILA, Philippines — The local stock market closed higher for a second straight session yesterday as investors continued to shop for bargains following the holidays.

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.82 percent or 53.42 points to settle at 6,603.81.

The broader All Shares index was also in the win column after finishing at 3,785.48, up by 0.81 percent or 30.38 points.

“The PSEi again closed higher for the second straight trading day of 2025, a day after the stronger local manufacturing PMI data that matched the pre-pandemic high posted in April 2022 that could bode well and could be a leading indicator for gross domestic product growth,” RCBC chief economist Michael Ricafort said.

Luis Limlingan of Regina Capital said that shares continued to climb as funds position for the year ahead while waiting for other foreign funds to return from an extended holiday.

Net value turnover remained thin despite being higher from the previous day at P3.6 billion.

All sectors were in the green, led financials and property, which surged by 1.42 percent and 1.02 percent, respectively.

Market breadth was positive as advancers crushed decliners, 126 to 84, while 46 issues were unchanged.

ICTSI remained the most actively traded stock, increasing by 0.10 percent to P399.40 per share, followed by BDO with a 0.35-percent gain to P145.

Asian markets gained yesterday, bucking retreats on Wall Street as the dollar advanced and markets reopened following the New Year’s holiday.

US stocks opened higher on Thursday after the New Year’s break but tumbled into the red mid-session before concluding the day modestly lower.