MANILA, Philippines – Local stocks bounced back on Tuesday as bargain hunters picked up beaten-down shares after two straight days of declines.
The benchmark Philippine Stock Exchange Index (PSEi) climbed 1.51 percent, or 91.20 points, to close at 6,126.22.
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Luis Limlingan, head of sales at Regina Capital Development Corp., said the PSEi ended higher as investors engaged in bargain hunting following two consecutive sessions of declines.
“The rebound came despite broad weakness across regional markets. Market sentiment remained cautious, with participants balancing attractive valuations against ongoing global uncertainties,” Limlingan said.
Brokerage Philstocks Financial Inc. said despite the recovery, trading activity remained subdued as many investors stayed on the sidelines amid lingering uncertainties overseas and at home.
Treading carefully
Net value turnover stood at P5.97 billion, below the year-to-date average of P6.48 billion, reflecting cautious sentiment in the market. Investors continued to monitor developments involving the United States and Iran, as well as prospects for Philippine economic growth and inflation.
Foreign investors provided support, ending the session as net buyers with inflows amounting to P262.47 million.
Sectoral performance was mixed. The services index led the advance after rising 3.53 percent, while the mining and oil index posted the biggest decline, slipping 0.83 percent.
Among index members, International Container Terminal Services Inc. emerged as the session’s top performer. Its shares surged 5.05 percent to P905 apiece.
Meanwhile, Semirara Mining and Power Corp. was the main laggard, dropping 3.59 percent to P24.15 per share.
The market’s recovery came after recent weakness triggered by concerns over geopolitical tensions and their potential impact on global markets.
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However, the relatively light trading volume suggested that investors remained selective, preferring to wait for clearer signals on external risks and the domestic economic outlook before making larger bets.
Analysts said the return of foreign buying helped lift sentiment, although caution continued to temper overall market participation. /pai INQ