PH equities rebound on bargain hunting

Philippine stocks bounced back on Thursday as investors scooped up bargains while monitoring developments overseas that could affect the local economy.

The benchmark Philippine Stock Exchange Index rose 1.15 percent or 72.69 points, to close at 6,380.53.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi rebounded after Wednesday’s sharp sell-off as investor sentiment improved on hopes of possible talks between Iran and the United States, reducing some of the geopolitical concerns.

“Sentiment was further supported [as] inflation data came in largely in line with expectations, helping calm worries over price pressures,” Limlingan said. “The recovery followed the previous session’s decline driven by fears of the escalating Middle East tension.”

Philstocks financial research manager Japhet Tantiangco said the local market recovered after the previous pullback as investors hunted for bargains. They were hoping that the government could roll out measures to cushion the local economy from the effects of the conflict in the Middle East—particularly the surge in global oil prices.

Positive cues from Wall Street also helped lift sentiment in the local bourse.

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Trading, however, remained subdued. Net value turnover reached P5.53 billion, lower than the year-to-date average of P6.56 billion.

Foreign investors were also net sellers, with net outflows amounting to P198.09 million.

All sectoral indices finished in positive territory, led by the mining and oil sector, which climbed 1.92 percent.