PSEi rebounds nearly 2% on bargain hunting

Local stocks rebounded sharply on Friday as investors snapped up beaten-down shares, lifting the benchmark Philippine Stock Exchange Index (PSEi) by 1.70 percent or 105.61 points to close at 6,328.97.

The market’s recovery came as hopes grew for another possible rate cut by the Bangko Sentral ng Pilipinas, following the release of the country’s weak fourth-quarter 2025 gross domestic product (GDP) data.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi rebounded and recovered from three-week lows, marking one of its highest levels in about five and a half months, or since Aug. 8, 2025.

“The gain erased most of the previous session’s 132.42-point or 2.08-percent drop, although the index remains below its intraday peak of 6,494.10 reached on Jan. 16, 2026, after sentiment was dampened by weaker-than-expected GDP growth data,” Ricafort said.

Philstocks financial research manager Japhet Tantiangco said bargain hunting helped offset lingering concerns over the economic outlook.

Foreign investors were net buyers during the session, recording net inflows of P41.01 million, which helped support the market’s advance.

Trading activity was robust, with total value turnover reaching P13.51 billion.

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Most sectoral indices ended higher, led by banks, which surged 4.23 percent. Mining and oil was the lone decliner, slipping 1.03 percent.

Market breadth was slightly negative, with decliners edging out advancers, 108 to 90.

Bank of the Philippine Islands emerged as the day’s top index performer, soaring 9.73 percent to P124.00.