PSEi jumps as bargain hunt persist

Philippine stocks rallied on Friday as investors hunted for bargains, with lower global bond yields and oil prices supporting sentiment.

The benchmark Philippine Stock Exchange Index (PSEi) gained 119.53 points, or 2.11 percent, to close at 5,782.7.

Luis Limlingan, head of sales at Regina Capital Development Corp., said the local index ended higher as buying pressure emerged across the board, led by index heavyweights.

“Market sentiment may have benefited from potential fund reallocation following MSCI’s downgrade warning on Indonesia, which could redirect some foreign inflows toward other emerging markets, including the Philippines,” Limlingan said.

“This likely supported bargain hunting and strengthened buying interest, although investors remain cautious about geopolitical and local economic developments,” he added.

Philstocks Financial Inc. said the decline in global bond yields, led by US treasury yields, and the pullback in global oil prices helped drive buying.

Foreign investors also supported the advance, posting net inflows of P148.21 million.

Trading remained tepid, however, with net value turnover reaching P5.26 billion.

Philstocks said the subdued activity suggested weak conviction behind the market’s rise.

Services led the sectoral gains, climbing 4.09 percent. Holding firms were the lone declining sector, slipping 0.12 percent.

See Also

Aircraft parts maker raises stake in PH

Among index members, RL Commercial REIT Inc. posted the strongest gain, surging 9.05 percent to P6.75 per share.

DMCI Holdings Inc., meanwhile, was the main laggard, falling 1.36 percent to P7.27 per share.

******

Get real-time news updates: inqnews.net/inqviber