PSEi resurfaces above 5,700
Philippine stocks rebounded on Tuesday as investors hunted for bargains following a two-day decline, coupled with cooling fuel prices.
The Philippine Stock Exchange Index added 0.67 percent, or 38.23 points, to close at 5,716.15.
The broader All Shares index also inched up by 0.65 percent, or 20.66 points, to 3,204.18.
Only the services sector recorded losses while conglomerates and mining and oil posted the highest gains at 3.12 percent and 1.77 percent, respectively.
Trading was active, with net value turnover at P7.21 billion.
“The market’s positive close is attributed to bargain hunting, with investors picking up shares after two straight days of decline, which even extended to the middle of today’s trading session,” said Japhet Tantiangco, research manager at Philstocks Financial.
Luis Limlingan, head of sales at Regina Capital Development Corp., said that easing oil prices had provided a bit of a boost.
Gasoline recorded its first double-digit rollback since the war in the Middle East began in late February, with oil firms implementing a nearly P17-per-liter price cut on Tuesday.
Diesel and kerosene also have price rollbacks of P4.10 and P3.70 per liter, respectively.
“The recovery in fuel prices helped ease some concerns over inflationary pressures… Despite the rebound, overall sentiment remained cautious amid lingering macroeconomic uncertainties,” Limlingan said.
Advancers outnumber decliners at 89 to 83, with 62 issues unchanged.
SM Investments Corp. was the index’s top gainer, increasing by 6.64 percent. DigiPlus Interactive Corp. was the main laggard, falling by 6.35 percent.
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