PSEi back above 6,000 on bargain hunt

Philippine stocks rebounded on Thursday as bargain hunters returned after two straight sessions of decline, although trading remained subdued amid lingering concerns over domestic and global risks.

The benchmark Philippine Stock Exchange Index (PSEi) climbed 1.15 percent or 68.25 points, to close at 6,015.03.

Brokerage Philstocks Financial Inc. said investors hunted for bargains after the market’s recent pullback, helping lift the local bourse back above the 6,000 level.

Still, participation remained thin as investors stayed cautious over domestic political issues, macroeconomic concerns and ongoing tensions in the Middle East.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said despite the recovery, investor sentiment remained cautious as trading activity stayed thin throughout the session.

“Market participants continued to adopt a selective approach amid lingering local and global uncertainties,” Limlingan said.

Net value turnover reached only P4.24 billion, reflecting weak market confidence despite the day’s rebound.

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Foreign investors, however, provided support to the market, ending the session as net buyers with inflows amounting to P467.74 million.

Sectoral performance was mostly positive, led by mining and oil stocks, which advanced 2.45 percent. Industrials were the lone losing sector, slipping 0.05 percent.

Bank of the Philippine Islands emerged as the day’s top performer after surging 7.73 percent to P94.80.