Philippine stocks rebound from 4-day slide on strong buying

The local stock market marked a triumphant return from a holiday break, kicking off the week on a high note and ending its four-day slump. The benchmark Philippine Stock Exchange index (PSEi) rose by 2.31 percent or 137.56 points, ending yesterday’s session at 6,093.89. The broader All Shares index likewise climbed by 1.33 percent or 44.20 points, closing at 3,363.19. Luis Limlingan of Regina Capital said the local index closed higher on strong buying pressure after last week’s selling. He said market participants took advantage of attractive valuations, particularly among blue-chip stocks, supporting the broad-based recovery. “Sentiment was further lifted by the S&P Global Philippines Manufacturing PMI, which rose to 54.9 in August from 51.8 in July, marking its fourth consecutive month of expansion,” Limlingan said. Sectoral gauges were a mixed bag, with services leading the charge with a 5.45-percent surge, while mining and oil posted the biggest drop at 1.20 percent. Total turnover value was strong at P10.47 billion. Advancers overpowered decliners, 106 to 88, while 64 issues were unchanged. ICTSI emerged as the most actively traded stock, soaring by 7.34 percent to P950 per share. BDO followed, jumping 4.83 percent to P121.60, while Ayala Land fell 3.35 percent to P15.02. AB Capital Securities said the PSEi quickly reclaimed the 6,000 level, driven overwhelmingly by ICTSI, which accounted for 81 percent of the index gain. “The key test is whether ICTSI can sustain that demand and whether the PSEi can hold above 6,000, particularly with the peso and oil still creating a challenging macro backdrop,” it said.