PSEi bounces back; all sectors in green

The Philippine stock index bounced back on Tuesday, gaining by 107.67 points, or 1.48 percent, to close at 7,380.32 level.

All sectors were in green, with Properties leading the gainers up by 2.36 percent, followed by Holding Firms and Financials up by 1.75 percent and 1.44 percent, respectively.

Globe Telecom Inc. was the top index gainer, climbing by 5.54 percent to P2,400, while Wilcon Depot Inc. was the main index laggard, shredding by 1.09 percent to P18.10.

The sentiment rally was boosted by the positive spillovers from Wall Street amid the rate-cut cues from Fed Chair Jerome Powell, according to Philstocks Financial Inc. senior research analyst Japhet Tantiangco.

He added that inflation expectations last September to further slowed down also buoyed the index.

“Finally, investors appreciated the possibility of reserve requirements being brought down to zero percent within BSP Governor Eli Remolona’s term,” Tantiangco noted.

The net value turnover was P5.39 billion, with 124 Advancers, 73 Decliners, and 60 names unchanged.

BDO Unibank Inc. was the most actively traded stock at P693,135,985, down by 0.44 percent, followed by Globe Telecom Inc. at P628,678,800, up by 5.54 percent.

The peso closed at P56.145 as against the dollar. On Monday, it finished at P56.03. It opened at 56.2 today and ranged between 56.09 and 56.32. The weighted average was 56.213.