PSEi climbs 1% on bargain hunting
Local stocks rebounded on Friday as investors returned to bargain hunting, drawing support from Wall Street’s overnight rally and easing concerns over tensions between the United States and Iran.
The benchmark Philippine Stock Exchange index (PSEi) climbed 1.01 percent, or 62.83 points, to close at 6,286.70, recovering from the previous session’s decline.
According to Philstocks Financial Inc., investors took cues from gains on Wall Street after US President Donald Trump said Iran had reached out to the US to discuss a possible deal, helping ease market worries over the conflict.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the local bourse ended higher as buying interest resumed following yesterday’s market correction, with positive sentiment supported by gains across regional markets.
“Investors took advantage of lower valuations, leading to broad-based buying throughout the session. Optimism remained firm as improving regional market performance continued to lift investor confidence,” Limlingan said.
Trading activity remained healthy, with net value turnover reaching P6.79 billion, while foreign investors returned as net buyers with P772.08 million in net inflows, providing additional support to the market.
All sectoral indices finished in positive territory. The mining and oil sector led the advance, gaining 2.32 percent.
Market breadth was also broadly positive as buying spread across most sectors.
Among index members, Ayala Land Inc. emerged as the session’s biggest gainer, surging 5.96 percent to P16.00 after bargain hunters snapped up the property stock.
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