PSEi rebounds past 6,400 amid bargain hunt
Philippine stocks snapped their recent weakness on Thursday as bargain hunting returned, lifting the benchmark index back above the 6,400 level amid optimism over possible policy easing by the Bangko Sentral ng Pilipinas (BSP).
The Philippine Stock Exchange index (PSEi) climbed 1.53 percent to close at 6,487.53, buoyed by renewed buying after recent declines.
Market sentiment was supported by expectations that the BSP could deliver another rate cut in an upcoming policy meeting, a move seen as supportive of economic growth.
Philstocks financial research manager Japhet Tantiangco said foreign investors provided additional support, ending the session as net buyers with net inflows totaling P1.31 billion.
Trading activity was brisk, with value turnover reaching P6.98 billion, higher than the year-to-date average of P6.15 billion.
Most sectoral indices ended in positive territory, led by services, which jumped 2.02 percent.
The mining and oil sector was the lone decliner, slipping 1.02 percent.
Market breadth was positive, with advancers edging out decliners, 115 to 96.
Among index heavyweights, DigiPlus Interactive Corp. emerged as the day’s top gainer, rallying 4.59 percent to P16.40.
Meanwhile, JG Summit Holdings Inc. fell 1.34 percent to P25.85, making it the worst-performing index stock for the session.
The market’s rebound reflects growing optimism that lower interest rates could help revive domestic economic activity, encouraging investors to selectively pick up beaten-down shares.
