Bargain hunt lifts PSEi to 6,366

Philippine stocks climbed on Wednesday as investors hunted for bargains and welcomed the latest batch of corporate earnings.

The benchmark Philippine Stock Exchange Index (PSEi) rose 0.63 percent, or 39.75 points, to close at 6,366.64.

Philstocks Financial Inc. research manager Japhet Tantiangco attributed the market’s advance to bargain hunting alongside positive sentiment toward the second-quarter and first-half results of select listed companies.

Trading, however, remained subdued as investors continued to weigh uncertainties in the Middle East and downside risks to the domestic economic outlook.

Luis Limlingan, head of sales at Regina Capital Development Corp., said stronger-than-expected results supported sentiment and encouraged selective buying across key sectors.

“Gains were sustained as investors remained optimistic about the earnings outlook despite lingering macroeconomic uncertainties,” Limlingan said.

Net value turnover stood at P6.20 billion, reflecting cautious participation despite the market’s advance.

Foreign investors provided some support, ending the session as net buyers with net inflows of P13.82 million.

Most sectoral indices finished in positive territory.

Holding firms led the market with a 2.32-percent gain while services was the lone decliner after shedding 1.36 percent.

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DMCI Holdings Inc. emerged as the top index performer, jumping 5.68 percent to P8 per share.

Emperador Inc. was the main index laggard, falling 2.06 percent to P15.24.

Wednesday’s gain brought the PSEi closer to the 6,400 level, which the market has struggled to breach.

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