Bargain hunting lifts PSEi from 11-month low

MANILA, Philippines — The local stock market bounced back amid bargain-hunting activities following Thursday’s sharp sell-off.

The benchmark Philippine Stock Exchange index (PSEi) jumped by 1.61 percent or 90.6 points, capping off the session at 5,700.99.

The broader All Shares index also surged by 1.47 percent or 46.3 points to end at 3,191.85.

Luis Limlingan of Regina Capital said the PSEi ended higher as the market rebounded on broad-based buying pressure across the board.

“The dollar/peso also took a breather after hitting a record low in the previous session, providing some relief to market sentiment,” Liimlingan said.

“Moreover, buying activity was likely driven by bargain hunting following the recent market weakness,” he said.

All sectors were in the green, led by mining and oil, which surged by 2.80 percent. The services and industrial indexes also performed strongly, adding 2.36 percent and 2.33 percent, respectively.

Total turnover value stood at P7.82 billion.

Advancers squashed decliners, 120 to 57, while 62 issues were unchanged.

ICTSI was the session’s top traded stock, rising by 2.08 percent to P859, followed by BDO Unibank and Aboitiz Equity Ventures, which gained by 1.8 percent and 1.96 percent, respectively, to P113 and P39.

First Metro Securities said global markets remained cautious amid Middle East tensions and elevated oil prices continue to fuel inflation concerns.

“Investors should monitor economic data, inflation trends and global developments as market volatility persists,” it said.

First Metro Securities said it maintains it 2026 yearend PSEi target of 6,700, within a broader trading range of 5,700 to 7,700.