PSEi rebounds past 6,000
Philippine stocks snapped a four-day losing streak on Tuesday as investors hunted for bargains, while stronger manufacturing data helped ease concerns over the domestic economy.
The benchmark Philippine Stock Exchange Index (PSEi) jumped 2.31 percent or 137.56 points to close at 6,093.89, recovering above the 6,000 level after last week’s selloff.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the local index closed higher following strong buying pressure after the recent selling last week.
“Market participants took advantage of attractive valuations, particularly among blue-chip stocks, supporting the broad-based recovery,” Limlingan said.
Trading activity was strong, with net value turnover reaching P8.24 billion.
Foreign investors, however, remained on the selling side. Net foreign outflows stood at P92.52 million.
Sectoral indices ended mixed.
Services led the market’s advance, surging 5.45 percent, while mining and oil posted the steepest decline at 1.20 percent.
Among index members, DigiPlus Interactive Corp. was the session’s top performer, jumping 7.91 percent to P10.78.
JG Summit Holdings Inc., meanwhile, was the biggest index laggard. Its shares fell 5.88 percent to P20 each.
Analysts said the rebound came after the PSEi had been pressured by concerns over the domestic economic outlook and persistent foreign selling in recent sessions.
Tuesday’s recovery brought the benchmark back above the psychologically important 6,000 mark, with investors finding some relief from the latest manufacturing data despite continued foreign outflows.
******
Get real-time news updates: inqnews.net/inqviber
