PSEi rebounds on bargain hunting

Philippine stocks bounced back on Tuesday as investors snapped up beaten-down shares following two consecutive days of declines, helping the market recover part of its recent losses.

The benchmark Philippine Stock Exchange Index (PSEi) climbed 1.51 percent or 91.2 points to close at 6,126.22.

Luis Limlingan, head of sales at Regina Capital Development Corp., said the PSEi ended higher as investors engaged in bargain hunting following two consecutive sessions of declines.

“The rebound came despite broad weakness across regional markets. Market sentiment remained cautious, with participants balancing attractive valuations against ongoing global uncertainties,” Limlingan said.

Brokerage Philstocks Financial Inc. said despite the recovery, trading activity remained subdued as many investors stayed on the sidelines amid lingering uncertainties overseas and at home.

Net value turnover stood at P5.97 billion, below the year-to-date average of P6.48 billion, reflecting cautious sentiment in the market.

Investors continued to monitor developments involving the United States and Iran, as well as prospects for Philippine economic growth and inflation.

Foreign investors provided support, ending the session as net buyers with inflows amounting to P262.47 million.

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Sectoral performance was mixed. The services index led the advance after rising 3.53 percent, while the mining and oil index posted the biggest decline, slipping 0.83 percent.

International Container Terminal Services Inc. emerged as the session’s top performer. Its shares surged 5.05 percent to P905 apiece.

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