Bargain hunt checks PSEi 2-day slide
Philippine stocks snapped a two-day decline on Thursday as investors picked up battered shares, although lingering geopolitical risks and a weaker peso continued to keep market sentiment in check.
The benchmark Philippine Stock Exchange Index edged up 0.24 percent or 15.27 points to close at 6,283.12.
Philstocks Financial Inc. research manager Japhet Tantiangco said the market’s rebound was driven mainly by bargain hunting after recent losses.
Luis Limlingan, head of sales at Regina Capital Development Corp., said investors took advantage of lower valuations, leading to renewed buying interest across selected sectors.
“The rebound reflected improved sentiment as investors selectively accumulated stocks at more attractive price levels,” Limlingan said.
Still, investors remained cautious, with net value turnover reaching only P4.99 billion.
The broader market also showed a weak undertone as decliners outnumbered advancers, while foreign investors remained net sellers with outflows of P76.61 million.
Tantiangco said the cautious backdrop stemmed from downside risks tied to the US-Iran conflict, which has raised concerns over higher global prices and the continued weakness of the peso against the US dollar.
“The local market bounced back today mainly due to bargain hunting,” he said. “Sentiment remains cautious, however.”
Sectoral performance was mixed, with the banking index leading gains after climbing 1.2 percent. Mining and oil stocks posted the steepest decline, falling 1.1 percent.
Semirara Mining and Power Corp. was the top gainer, rising 5.1 percent to P22.65.
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