PSEi snaps 2-day slide on bargain hunting
Philippine stocks rose on Tuesday as investors hunted for bargains after two straight days of decline, although cautious sentiment kept trading muted.
The benchmark Philippine Stock Exchange Index (PSEi) rose 0.63 percent or 37.02 points to close at 5,936.20.
Ron Acoba, said the PSEi climbed alongside most regional markets after crude oil prices dropped 9 percent. This followed US President Donald Trump’s announcement that the US would pause its strikes on Iran’s power plants and energy infrastructure for five days.
Acoba cited what he described as “productive” talks between the United States and Iran.
He said that despite the rebound, overall sentiment stayed cautious, as shown by the relatively lighter trading activity compared to the heavy, broad-based selling seen in recent days.
Philstocks Financial research manager Japhet Tantiangco likewise said despite the uptick, market participation remained thin.
Net value turnover stood at P4.78 billion as many investors stayed on the sidelines amid lingering uncertainty over the ongoing conflict in the Middle East.
Investors also weighed mixed signals abroad. Reports of possible productive talks between the United States and Iran—along with a potential delay in a US strike on Iranian energy infrastructure—were countered by Tehran’s denial that such discussions took place.
Foreign funds remained on the selling side, with net outflows reaching P755.56 million.
Sectoral performance was mixed. Only the services index ended in the red, slipping 0.49 percent.
Mining and oil stocks led gains, climbing 3.4 percent.
Market breadth was positive, with advancers outnumbering decliners, 129 to 63.
