PSEi edges higher on Wall Street cues
Philippine stocks rose on Wednesday as bargain hunters returned to the market, although overall sentiment remained guarded amid lingering risks.
The benchmark Philippine Stock Exchange Index (PSEi) closed at 6,055.45, up 0.49 percent or 29.44 points. The PSEi extended its modest recovery as investors took cues from Wall Street’s overnight gains.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said despite higher commodity prices, the local market tracked global movements, mirroring Wall Street’s performance and inching higher than the previous session.
“A slightly stronger peso also provided a modest cushion supporting overall sentiment,” Limlingan said.
Philstocks financial research manager Japhet Tantiangco said market activity was partly driven by investors repositioning after recent declines, while also digesting domestic policy developments.
Tantiangco said these include the approval by both the House of Representatives and the Senate of a proposal allowing the President to suspend or cut fuel excise taxes during emergencies—a move seen to potentially ease inflationary pressures.
Despite the uptick, trading remained subdued. Net value turnover stood at P5.2 billion, reflecting continued caution among market participants as uncertainties persist.
Foreign investors also remained on the sidelines, posting net outflows of P664.05 million.
The property sector led gains, rising 1.74 percent, as investors rotated into beaten-down names. In contrast, the banking sector posted the steepest decline, slipping 0.38 percent.
