PSEi rebounds on bargain hunting 

Philippine stocks recovered on Wednesday as investors snapped up battered index heavyweights ahead of the release of inflation data.

The benchmark Philippine Stock Exchange Index (PSEi) rose 1.26 percent, or 70.75 points, to close at 5,694.92.

Analysts described the advance as a technical rebound following recent market weakness.

Luis Limlingan, head of sales at Regina Capital Development Corp., said bargain hunting in select heavyweight stocks lifted the local bourse.

Investors also positioned ahead of Thursday’s inflation report for clues on price pressures and the Bangko Sentral ng Pilipinas’ next policy moves.

Despite the index’s gain, declining stocks slightly outnumbered advancing issues, 97 to 94, while 61 were unchanged.

Turnover reached P6.15 billion, excluding extraordinary block sales.

Ron Acoba, chief investment strategist at Trading Edge, said the rebound followed Tuesday’s late-session selloff, with the benchmark finding support at the 5,600 level.

“We wouldn’t get too excited just yet, as the market remains far from a sustained recovery,” Acoba said.

He said the index remained in a medium-term downtrend and was consolidating near six-year lows amid persistent economic headwinds.

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Acoba expects the PSEi to trade within a tight range of 5,600 to 5,800 in the coming sessions, with the upper end serving as resistance.

Thursday’s inflation report could determine whether the rebound gains traction. Another elevated reading could quickly weaken investor appetite, he said.

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