PSEi rebounds but stays below 6,000
Philippine stocks bounced back on Thursday as investors hunted for bargains following two straight sessions of losses, although the benchmark index remained below the 6,000-level.
The Philippine Stock Exchange Index (PSEi) climbed 0.7 percent, or 41.7 points, to close at 5,958.64.
Philstocks Financial Inc. research manager Japhet Tantiangco said investors picked up battered shares after the market’s two-day decline.
Despite the rebound, the PSEi failed to reclaim the 6,000-mark, reflecting lingering caution in the market.
Luis Limlingan, head of sales at Regina Capital Development Corp., said investors took advantage of lower valuations after the recent decline.
“However, sentiment remained measured amid ongoing market uncertainties partnered with the Fed rate hike, limiting the market rebound,” Limlingan said.
Trading activity, however, was strong. Net value turnover reached P23.14 billion, well above the year-to-date average of P6.27 billion.
Conglomerates led the sectoral indices, gaining 1.45 percent.
Banks, meanwhile, were the weakest performers after shedding 0.82 percent.
Semirara Mining and Power Corp. emerged as the day’s top index gainer, surging 20.06 percent to P20.05.
On the other hand, GT Capital Holdings Inc. was the worst-performing index stock, falling 4.12 percent to P414.20.
Analysts said Thursday’s recovery came after two consecutive days of decline, but the benchmark remained below the psychologically important 6,000-level.
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