PSEi rises on bargain-hunting, Wall Street cues

Philippine shares rebounded on Tuesday as investors picked up beaten-down stocks after three straight days of losses, taking cues from gains on Wall Street.

The benchmark Philippine Stock Exchange Index rose 0.32% or 19.46 points to close at 6,026.01, while the broader all-share index gained 0.24% or 8.06 points to 3,349.75.

“The local market bounced back as investors hunted for bargains following three straight days of decline,” Japhet Louis O. Tantiangco, research manager at Philstocks Financial, Inc., said in a Viber message.

He added that investors tracked Wall Street’s overnight advance, although trading remained subdued.

“Many investors stayed on the sidelines amid lingering uncertainties related to the conflict in the Middle East,” he added.

Luis A. Limlingan, head of sales at Regina Capital Development Corp., said sentiment improved as global markets rose and oil prices showed signs of easing, but caution persisted.

“The market remained cautious amid hints of a possible rate hike, with investors staying selective in buying,” he said.

US stocks climbed sharply on Monday, driven by gains in artificial intelligence-related shares, providing a positive lead for regional markets.

Most sectoral indexes in Manila closed higher. Services led the gains, climbing 1.03% to 2,750.51, followed by holding firms, which rose 0.54% to 4,654.33. Industrials added 0.22% to 8,676.22, while mining and oil edged up 0.18% to 17,171.37.

On the other hand, property stocks declined 0.86% to 1,981.25, while financials slipped 0.08% to 1,921.39.

Among index members, JG Summit Holdings, Inc. was the top gainer, rising 3.59% to PHP 26. DigiPlus Interactive Corp. was the biggest loser, falling 3.89% to PHP 17.30.

Market breadth was negative, with losers beating winners 95 to 92, while 53 stocks were unchanged.

Turnover thinned to PHP 7.44 billion from PHP 9.53 billion in the previous session, with 1.06 billion shares traded. Net foreign selling widened to PHP 563.22 million from PHP 400.15 million a day earlier. — A.G.C. Magno