PSEi rebounds to 5,663 on bargain hunting

MANILA, Philippines — Local stocks recovered on Thursday as investors snapped up bargains after two straight sessions of losses, with foreign buying helping lift the market.

The benchmark Philippine Stock Exchange Index (PSEi) gained 0.82 percent, or 45.94 points, to close at 5,663.17.

READ: PSEi falls to 5,617 as ICTSI tumbles

Philstocks Financial Inc. said investors picked up shares as the market touched its 5,600 support level.

On one hand, Luis Limlingan, head of sales at Regina Capital Development Corp., said the local index rebounded following two consecutive trading sessions of declines, supported by bargain hunting across the board. 

“However, prevailing market sentiment remained cautious as the peso touched the P63 per US dollar level intraday, reflecting continued currency weakness,” Limlingan said.

“Moving forward, the market is expected to remain wary of economic and geopolitical developments, with investors closely monitoring peso movements and broader macroeconomic conditions,” he added.

READ: Peso hits new low, retreats to 63-per-dollar

Consequently, foreign investors provided additional support, recording net inflows of P140.50 million.

However, trading remained tepid, with net value turnover reaching P5.95 billion as downside risks kept many investors on the sidelines, the brokerage said.

Sectoral indices ended mixed. Property stocks led the gains, rising 1.89 percent, while mining and oil shares posted the steepest decline at 2.47 percent.

SM Prime Holdings Inc. was the strongest performer among index stocks, climbing 5.57 percent to P16.68 per share.

Maynilad Water Services Inc. was the biggest index decliner, shedding 2.98 percent to P16.30 per share. /pai