PSEi rebounds on fuel rollback

Philippine stocks extended their recovery on Tuesday as investors continued to scoop up beaten-down shares while easing fuel prices and government plans to bolster energy security lifted sentiment.

The benchmark Philippine Stock Exchange Index (PSEi) climbed 1.95 percent or 113.37 points, to close at 5,912.69. The broader all shares index likewise advanced.

According to Philstocks Financial Inc., bargain hunting remained the market’s primary driver after recent weakness pushed valuations to more attractive levels.

Investors also welcomed the latest rollback in fuel prices, which could help temper inflationary pressures.

Ron Acoba, chief investment strategist at Trading Edge Consultancy, said the recovery came as market activity normalized following the recent MSCI rebalancing. Bargain hunting in oversold names, particularly International Container Terminal Services Inc. (ICTSI) and Jollibee Foods Corp., helped drive the advance.

Despite the rally, trading activity remained subdued.

Net value turnover stood at P6.06 billion, below the year-to-date average of P6.38 billion, indicating that many investors were still taking a cautious stance while assessing broader market conditions.

Foreign funds provided additional support, ending the session as net buyers with inflows of P628.73 million.

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All sectoral indices finished in positive territory, led by services, which surged 4.85 percent.

Market breadth was likewise positive as gainers outpaced losers.

ICTSI emerged as the top performer, jumping 6.41 percent to P830 per share.

Century Pacific Food, Inc. was the session’s biggest decliner, slipping 4.76 percent to P25.