PSEi rebounds on bargain hunting

Philippine stocks recovered on Thursday as investors snapped up bargains after two straight sessions of losses, with foreign buying helping lift the market.

The benchmark Philippine Stock Exchange Index (PSEi) gained 0.82 percent, or 45.94 points, to close at 5,663.17.

Philstocks Financial Inc. said investors picked up shares as the market touched its 5,600 support level.

Luis Limlingan, head of sales at Regina Capital Development Corp., said the local index rebounded following two consecutive trading sessions of declines, supported by bargain hunting across the board.

“However, prevailing market sentiment remained cautious as the peso touched the P63-per-US-dollar level intraday, reflecting continued currency weakness,” Limlingan said.

“Moving forward, the market is expected to remain wary of economic and geopolitical developments, with investors closely monitoring peso movements and broader macroeconomic conditions,” he added.

Foreign investors provided additional support, recording net inflows of P140.5 million.

However, trading remained tepid, with net value turnover reaching P5.95 billion as downside risks kept many investors on the sidelines, the brokerage said.

Sectoral indices ended mixed. Property stocks led the gains, rising 1.89 percent. Mining and oil shares posted the steepest decline at 2.47 percent.

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PSEi snaps 5-day decline on foreign inflows

SM Prime Holdings Inc. was the strongest performer among index stocks, climbing 5.57 percent to P16.68 per share.

Maynilad Water Services Inc. was the biggest index decliner, shedding 2.98 percent to P16.30 per share.

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