Stocks recover on bargain hunting

MANILA, Philippines — The local stock market regained its winning form yesterday after dropping two straight sessions, with investors capitalizing on lower valuations.

The benchmark Philippine Stock Exchange index advanced by 0.70 percent, or 41.70 points, to settle at 5,958.64.

The broader All Shares index also improved by 0.54 percent, or 17.85 points, to close at 3,318.11.

“The local market bounced back as investors hunted for bargains following two straight days of decline,” Philstocks Financial said.

However, Philstocks Financial said the market still couldn’t get back above the 6,000 level despite its positive performance.

Luis Limlingan of Regina Capital said sentiment remained measured amid ongoing market uncertainties paired with the US Fed rate hike, which limited the market rebound.

Sectors were mixed, with those in the green having a slight advantage. Holding firms posted the largest gain at 1.45 percent, while financials posted the largest drop at 0.82 percent.

Decliners edged out advancers, 97 to 93, while 66 issues were unchanged.

Trading was strong, with total turnover value reaching P25.5 billion.

SM Investments emerged as the most actively traded stock, climbing by 2.20 percent to P535 per share, followed by Ayala Corp. and ICTSI, which jumped by 5.05 percent and 1.41 percent, respectively, to P508 and P935.

Semirara Mining and Power Corp., meanwhile, saw its share price surge by 20.06 percent to P20.05 after the Department of Energy announced the termination of the 2026 coal bid round, which includes the country’s largest coal mine on Semirara Island in Antique.