Stocks gain despite record low for peso

MANILA, Philippines — The local stock market rebounded after two straight days of decline as bargain hunting kicked in, but the benchmark index stayed below the 6,000 level as the peso hit an all-time low against the dollar.

The Philippine Stock Exchange index (PSEi) inched up by 0.33 percent or 19.4 points to end yesterday’s session at 5,953.16.

The broader All Shares index also advanced by 0.22 percent or 7.78 points, settling at 3,589.51.

Luis Limlingan of Regina Capital said the market ended higher, driven by bargain hunting after two consecutive days of strong selling.

“Investors remained cautious, closely monitoring upcoming earnings reports and the anticipated next move by the US Federal Reserve, which could influence market direction,” Limlingan said.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEI corrected slightly higher despite the new record low for the peso. The local currency closed at an all-time low of 59.13 to $1 yesterday.

Apart from better income reports by local listed companies, Ricafort said other positive factors include improved global risk appetite and easing trade tensions between the US and China.

Trading was anemic, with total turnover value at P4.64 billion.

Sectoral gauges were a mixed bag, with financials posting the biggest gain at 1.15 percent, while mining and oil lost the most with a 4.42-percent plunge.

Advancers edged out decliners in a tight contest, 95 to 94, while 62 issues did not change hands.

BDO Unibank was the session’s top traded stock, rising by 2.67 percent to P134.50 per share, followed Ayala Land, which dipped by 0.96 percent to P20.70 and BPI, which climbed by 1.46 percent to P104.