PSEi ends 3-day slide on bargain hunting
Philippine stocks inched up on Tuesday as bargain hunting helped the market recover from three straight days of losses.
Investors, however, largely stayed cautious amid lingering geopolitical conflicts.
The benchmark Philippine Stock Exchange Index (PSEi) rose 0.32 percent or 19.46 points, to close at 6,026.01.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi ended in the green following a series of declines, as sentiment improved as international markets posted gains and oil prices showed some relief.
“However, the market remained cautious amid hints of a possible rate hike, with investors staying selective in buying,” Limlingan said.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi inched higher on bargain hunting after three straight days of decline, recovering from yesterday’s intraday low of 5,970.32, marking its weakest level this year.
Philstocks financial research manager Japhet Tantiangco said the local bourse rebounded as investors took advantage of lower prices after the recent pullback.
Tantiangco said sentiment also drew support from Wall Street’s overnight gains, which provided positive cues for regional markets.
Still, trading activity remained muted. Net value turnover reached only P5.6 billion, as many investors stayed on the sidelines due to uncertainties tied to the ongoing conflict in the Middle East.
Foreign investors also continued to exit the market, recording net outflows of P563.22 million.
Across sectors, services posted the biggest gain, climbing 1.03 percent during the session. Meanwhile, property stocks lagged, declining 0.86 percent.
