Firmer peso, Wall St. rise lift PSEi

Local stocks rebounded on Thursday as investors snapped up bargains. This pushed the Philippine Stock Exchange Index (PSEi) higher after four straight sessions of decline.

The benchmark index climbed 1.08 percent or 68.5 points to close at 6,398.6. It was buoyed by positive spillovers from Wall Street and a stronger peso against the US dollar.

Market sentiment also improved amid hopes of easing geopolitical tensions between the United States and some European countries. This followed US President Donald Trump’s announcement that a framework for a future deal involving Greenland had already been established.

Trading activity remained subdued, however. The net value turnover reached only P5.41 billion.

Japhet Tantiangco, financial research manager at Philstocks, said foreign investors were net buyers. They posted net inflows of P284.11 million.

Most sectoral indices ended in positive territory, led by conglomerates, which rose 1.27 percent. Mining and oil stocks were the lone laggards, shedding 1.82 percent.

Market breadth was positive, with advancers edging out decliners at 116 to 82.

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DigiPlus Interactive Corp. led the index gainers, advancing 2.25 percent to P14.52. Emperador Inc. was the day’s worst performer, slipping 2.13 percent to P15.66.

The Philippine market’s recovery mirrored gains seen across major global markets as investors showed a renewed appetite for risk.

US equities posted strong gains overnight. Buying interest returned across major benchmarks including the S&P 500, Dow Jones Industrial Average and Nasdaq.