PSEi climbs back to 6,000 on Wall Street cue
Philippine stocks rebounded on Monday as bargain hunting and positive cues from Wall Street helped lift the market after two straight days of decline.
The Philippine Stock Exchange Index (PSEi) climbed by 120.39 points, or 2.03 percent, to close at 6,041.26, snapping its losing streak as investors moved back to beaten-down shares.
The rebound came after the recent weakness in the local market, with traders selectively picking up stocks at lower prices.
“Still, the rally could be short-lived unless the government can demonstrate progress in addressing the infrastructure corruption probe and restoring confidence in fiscal management,” Toby Allan Arce, head of sales trading at Globalinks Securities and Stocks Inc., said.
“Persistent underspending remains a key drag on growth, and without stronger policy coordination, the recovery could lose steam once external tailwinds fade,” he added.
Despite the recovery, trading activity remained subdued.
Net value turnover reached P5.04 billion, below the year-to-date average of P5.93 billion, indicating continued caution among investors.
Foreign investors were net sellers, recording net outflows of P975.15 million during the session.
All sectoral indices ended in positive territory, led by the services sector, which posted the biggest gain at 3.13 percent.
Market breadth was also upbeat, with advancers outnumbering decliners 130 to 69, reflecting broad-based buying across the market.
Among index stocks, International Container Terminal Services Inc. (ICT) emerged as the session’s top gainer, surging 4.55 percent to P574.50.
Meanwhile, ACEN Corp. was the day’s worst index performer, slipping 2.53 percent to P2.70.
