PSEi climbs 1% on bargain hunting

MANILA, Philippines – Local stocks rebounded on Friday as bargain hunting returned, supported by Wall Street’s rally and easing US-Iran tensions.

The benchmark Philippine Stock Exchange index (PSEi) climbed 1.01 percent, or 62.83 points, to close at 6,286.70, recovering from the previous session’s decline.

READ: US, Iran trade new strikes in fight over Strait of Hormuz

Article continues after this advertisement

Philstocks Financial Inc. said investors took cues from Wall Street’s gains after US President Donald Trump said Iran reached out to discuss a possible deal, easing conflict worries.

FEATURED STORIES

BUSINESS

BUSINESS

BUSINESS

Luis Limlingan, head of sales at Regina Capital Development Corp., said the local bourse ended higher as buying interest resumed following yesterday’s market correction, with positive sentiment supported by gains across regional markets.

“Investors took advantage of lower valuations, leading to broad-based buying throughout the session. Optimism remained firm as improving regional market performance continued to lift investor confidence,” Limlingan said.

Trading remained healthy, with net turnover at P6.79 billion as foreign investors returned as net buyers with P772.08 million in inflows.

Stocks edge higher

All sectoral indices finished in positive territory. The mining and oil sector led the advance, gaining 2.32 percent.

Article continues after this advertisement

Market breadth was positive as buying spread across most sectors.

Among index members, Ayala Land Inc. emerged as the session’s biggest gainer, surging 5.96 percent to P16.00 after bargain hunters snapped up the property stock.

Article continues after this advertisement

Meanwhile, DigiPlus Interactive Corp. was the day’s biggest decliner, falling 4.05 percent to P11.36.

The local market’s advance mirrored the improved risk appetite seen in global equities after investors took comfort from signs that geopolitical tensions in the Middle East may ease, even as they continued to monitor developments in the region.

READ: Trump orders new strikes on Iran over attacks on shipping in Hormuz

Additionally, the return of foreign buying also helped lift sentiment, suggesting renewed investor interest in Philippine equities after recent bouts of volatility.

Ron Acoba, chief investment strategist at Trading Edge, said broader participation like this is essential for building a more sustainable and durable rebound in the sessions ahead.

Your subscription could not be saved. Please try again.

Your subscription has been successful.

Despite geopolitical risks, Friday’s rally helped the PSEi end the week higher as bargain hunters bought lower-priced shares while awaiting new market catalysts. /pai INQ