Philippine stocks rebound amid bargain hunting
Philippine stocks recovered on Wednesday as investors picked up bargains following the previous session’s decline, with gains on Wall Street also supporting sentiment.
The benchmark Philippine Stock Exchange Index (PSEi) climbed 1.05 percent, or 59.57 points, to close at 5,736.69.
Philstocks Financial Inc. research manager Japhet Tantiangco attributed the rebound to bargain hunting and positive cues from the US market, where lower Treasury yields helped lift stocks.
“The positive cues from Wall Street backed by the decline in the US treasury yields also helped in today’s session,” Tantiangco said.
Trading activity, however, remained subdued, with net value turnover at P4.42 billion.
Foreign investors ended the session as net buyers, recording net inflows of P175.56 million.
Most sectoral indices advanced, led by mining and oil, which rose 1.63 percent. Industrials were the lone decliner, slipping 0.32 percent.
SM Investments Corp. led the index gainers, climbing 3.28 percent to P516 per share.
Semirara Mining and Power Corp. was the weakest index performer, falling 3.2 percent to P12.70 per share.
AB Capital Securities Inc. said heavyweight stocks helped lift the index from oversold levels. However, light turnover suggested a technical rebound rather than a trend reversal.
AB Capital identified 5,700 as near-term support and 5,580 as major support.
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