PSEi jumps 2% as global sentiment improves
Philippine stocks bounced back sharply on Tuesday as improved global sentiment helped the market recover from the previous session’s sell-off.
The Philippine Stock Exchange Index (PSEi) jumped by 2.01 percent or 120.44 points to close at 6,126.66.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi tracked gains in global equities. Optimism over potential geopolitical de-escalation improved risk sentiment following US President Donald Trump’s remarks that suggested the conflict may end soon.
“Despite the broad-based recovery, the rebound remains fragile as investors stay cautious, with sustained gains likely dependent on continued positive cues from global markets and clearer developments in ongoing geopolitical tensions,” Limlingan said.
Japhet Tantiangco, research manager at Philstocks Financial said the local bourse tracked gains on Wall Street overnight as investors grew more optimistic about geopolitical developments in the Middle East.
Oil prices also eased following Trump’s remarks. But he also warned that Washington could take action if Iran blocks oil shipments through the Strait of Hormuz—an important global energy route.
Despite the rebound, trading activity remained relatively subdued. Net value turnover reached P6.38 billion, slightly below the year-to-date average of P6.61 billion.
Foreign investors remained cautious, posting net outflows of P498.05 million.
Market breadth was positive, with 147 advancers outnumbering 58 decliners. The rest of listed shares were unchanged.
All sectoral indices finished in the green, led by the mining and oil index, which gained 3.23 percent.
