Philippine Stocks Climb for Second Day on Bargain Hunting, Foreign Inflows

MANILA, Philippines — The local stock market rose for the second straight day as investors continued to hunt for bargain stocks. The bellwether Philippine Stock Exchange index (PSEi) climbed to 6,116.53, up by 0.17 percent or 10.54 points. Likewise, the broader All Shares index inched up by 0.04 percent or 1.28 percent to end yesterday’s session at 3,385.85. Philstocks Financial said the local market extended its gains as bargain hunting persisted. It said foreign investors also helped in the climb, with the market registering net foreign inflows of P219.1 million. Luis Limlingan of Regina Capital, however, said trading remained cautious, with investors continuing to focus on selected index heavyweights. Limlingan said market sentiment improved as the peso showed some relief against the dollar. “Nevertheless, upside remained limited as investors maintained a selective approach amid prevailing economic uncertainties,” he said. Sectoral gauges were a mixed bag, with services leading the charge with a 1.59-percent jump, while holding firms posted the biggest drop at 1.29 percent. Total turnover value improved to P5.9 billion from the previous day’s P4.39 billion. “Trading was also tepid as many stayed on the sidelines amid lingering uncertainties on the situation in the Middle East and on our economic outlook,” Philstocks Financial said. Market breadth was negative as decliners squashed advancers, 106 to 88, while 55 issues were unchanged. ICTSI remained the top traded stock, rising by 1.88 percent to P975 per share, followed by BDO Unibank, which declined by 0.92 percent to P118.90, and BPI, which increased by 0.1 percent to P104.