PSEi rises to 5,743 on bargain hunting
Local stocks extended their gains on Monday as bargain hunting lifted the market despite foreign selling and concerns over the economic outlook.
The benchmark Philippine Stock Exchange Index (PSEi) climbed 0.74 percent, or 42.19 points, to close at 5,743.18.
Philstocks Financial Inc. attributed the advance to investors continuing to pick up shares following the market’s recent weakness.
Buying remained cautious, however.
Net value turnover reached P5.78 billion, which the brokerage described as tepid and indicative of weak investor confidence.
Philstocks said elevated global oil prices and bond yields continued to weigh on sentiment.
Investors were also concerned about the Philippine economy’s growth and inflation outlook.
These headwinds kept participation subdued even as bargain hunters helped push the benchmark higher.
Luis Limlingan, head of sales at Regina Capital Development Corp., said market sentiment still looks fragile, with the index hovering around the 5,700 level amid a lack of sustained positive catalysts, as selective buying still prevails across the broader market.
“Continued geopolitical uncertainty and lingering macroeconomic risks may weigh on investor confidence and limit the index’s recovery in the near term,” Limlingan said.
Foreign investors ended the session as net sellers, recording net outflows of P332.60 million.
The selling tempered the market’s advance as local stocks continued their recovery.
Sectoral indices finished mixed. Services led the gainers with a 1.97-percent increase, while banks posted the weakest performance, declining 1.07 percent.
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