The benchmark Philippine Stock Exchange index (PSEi) extended gains on Tuesday as telecommunications and internet stocks led by Converge ICT Solutions Inc. rallied after the general market sell off the previous week.
By the closing bell, the PSEi jumped 1.71 percent, or 106.59 points, to 6,345.41 while the broader All Shares index added 1.44 percent, or 48.21 points, to 3,400.68.
Trading volume also moved higher with 847.1 million shares valued at P7.46 billion changing hands. Foreigners remained net sellers to the tune of P157.9 million, PSE data showed.
Luis Gerardo Limlingan, head of sales at Regina Capital Development, said investors were buying back after the market was “oversold” the previous week.
Services outperformed other subsectors from gains by Converge, Globe Telecom and PLDT Inc. Mining and oil, property, industrial and holding firms also closed higher while financials shed 0.29 percent.
Limlingan noted that some investors were positioning ahead of the start of the Marcos administration.
“Bets are being made ahead of the turnover of the new administration as to which issues and sectors would likely benefit beginning the third quarter of 2022,” he said.
Converge was the top traded stock on Tuesday as it surged 10.83 percent to P21.70 per share.
It was followed by BDO Unibank Inc., down 1.35 percent to P116.50; Universal Robina Corp., up 4.93 percent to P106.50; Ayala Land Inc., down 0.73 percent to P27.20; and SM Prime Holdings Inc., up 4.04 percent to P37.30 per share.
Other active names were PLDT Inc., up 3.07 percent to P1,780; Ayala Corp., up 0.56 percent to P629.50; Globe Telecom, up 5.56 percent to P2,280; AC Energy Corp., up 4.49 percent to P8.14 and Bank of the Philippine Islands, up 0.7 percent to P86.10 per share.
Overall, there were 121 gainers versus 70 losers while 47 companies closed unchanged, PSE data showed.