Stocks rebound on bargain hunting

MANILA, Philippines —  The local stock market bounced back after a sharp drop the previous day as investors engaged in bargain hunting.

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.53 percent or 32.09 points, ending yesterday’s session at 6,069.26.

The broader All Shares index also improved by 0.17 percent or 5.49 points to close at 3,324.78.

Analysts said the local bourse advanced after investors hunted for bargains following Tuesday’s decline.

Luis Limlingan of Regina Capital said investor sentiment improved as participants picked up select names at attractive levels.

“The market also tracked the broader regional recovery, supporting a more positive tone. However, investors remained cautious as elevated inflation forecasts continued to weigh on market outlook,” Limlingan said.

Philstocks Financial research manager Japhet Tantiangco said market sentiment was further supported by optimism over US-Iran negotiations and regional diplomatic efforts, which pushed oil prices lower.

Trading was weak as total turnover value stood at P4.63 billion. Foreigners were net sellers with net outflows at P79.59 million.

Sectoral gauges were a mixed bag, with financials leading the charge with 0.93-percent jump, while mining and oil incurred the biggest loss at 1.44 percent.

Market breadth was negative as decliners edged out advancers, 102 to 89, while 61 issues were changed.

ICTSI was the session’s top traded stock, climbing by 1.12 percent to P900 per share, followed by BDO Unibank and Jollibee, which gained by 0.42 percent and 4.09 percent, respectively, to P119 and P140.