Bargain-hunting, earnings lift PSEi above 6,700
PHILIPPINE STOCKS climbed to the 6,700 level on Monday as investors digested recent corporate earnings and hunted for bargains after the market’s four-week decline.
The benchmark Philippine Stock Exchange index (PSEi) rose 1.26% or 84.70 points to 6,761.35. The broader all-share index added 0.71% or 26.90 points to 3,799.70.
“The local market rose this Monday as investors continued to hunt for bargains,” Japhet Louis O. Tantiangco, a senior research analyst at Philstocks Financial, Inc., said in a Viber message. “This comes as the market has already been on a four-week decline.”
“Also helping the market is the appreciation for sound third-quarter and nine-month corporate results,” he added.
The PSEi traded as low as 6,693.39 before climbing to the 6,700 level at market close.
“Philippine shares continued to rebound after the sell-off last week as investors prepare for a fresh round of economic data,” Luis A. Limlingan, head of sales at Regina Capital Development Corp., said in a Viber message.
“The key economic event in the US this week is the release of the Philadelphia Fed Manufacturing Index on Thursday, accompanied by several speaking engagements from Federal Reserve officials,” he added.
“On the local front, Goldman Sachs released its most recent market outlook for 2025, placing the Philippines at an overweight rating, a further catalyst for investors to be buying into the market,” Mr. Limlingan added.
The market’s sectoral indices were mixed. Holding firms increased by 3.58% or 200.39 points to 5,788.65, while property gained 1.67% or 42.55 points to 2,578.05. The financial index gained 0.36% or 8.12 points to 2,230.50.
On the other hand, mining and oil dropped 1.68% or 130.67 points to 7,633.75, while services lost 0.13% or 2.75 points to 2,075.86. The industrial index shed 0.03% or 3.14 points to 9,376.83.
Value turnover fell to P5.78 billion covering 695.71 million shares from P6.77 billion covering 447.1 million stocks on Friday.
Advancers beat decliners 97 to 94, while 62 stocks were unchanged. Net foreign selling expanded to P1.27 billion from P868.17 million on Friday. — Revin Mikhael D. Ochave
