PSEi rebounds after tariff trouble
The local bourse made a fierce comeback on Tuesday as traders went on a bargain-hunting spree following the benchmark index’s worst performance of the year.
By the closing bell, the Philippine Stock Exchange Index (PSEi) staged a 3.15-percent rally to reclaim the 6,000 level. It closed higher by 183.49 points to 6,006.34.
The local stock barometer did not enter the red territory the entire day as its lowest value was at 5,839.06, or 0.2 percent above its 30-month record-low of 5,822.52 seen on Monday.
Likewise, the broader All Shares Index climbed by 2.46 percent, or 86.03 points, to close at 3,582.80.
The PSEi’s rebound was also one of the best performances in the region a day after the global tariff war sent capital markets to some of their lowest levels since the pandemic.
A number of the Philippines’ Asian peers declined, including the Thailand SET 50 Index, which was down by 5.12 percent.
Ditto with the Straits Times Index of Singapore, which was down by 1.57 percent.
Japhet Tantiangco, research head at Philstocks Financial Inc., said the climb was fueled by investors hunting for cheaper stocks after three consecutive sessions of declines.
“Hopes of a rate cut by the Bangko Sentral ng Pilipinas in their upcoming meeting this week helped in the market’s rise,” Tantiangco added.
Value turnover was at P5.73 billion, higher than the year-to-date average of P5.4 billion, Philstocks data showed.
Blue chips were the main winners, with traders snapping up shares of index heavyweights BDO Unibank Inc., up 6.04 percent to P158, and International Container Terminal Services Inc., up 8.75 percent to P348 per share.
