Bargain hunting revives bourse, peso weakens
Trading activity was strong, with net value turnover reaching P8.14 billion. Foreign investors were net buyers, recording P7.41 billion in net inflows, providing a significant boost to the market.
Trading activity was strong, with net value turnover reaching P8.14 billion. Foreign investors were net buyers, recording P7.41 billion in net inflows, providing a significant boost to the market.
The Philippine Stock Exchange Index (PSEi) rebounded on Tuesday, rising 0.53 percent to 6,306.90, breaking a two-day slide as investors returned to bargain hunting after two consecutive days of decline. The local market also drew support from positive spillovers from Wall Street, which helped lift sentiment.
Trading activity was strong, with net value turnover reaching P8.14 billion. Foreign investors were net buyers, recording P7.41 billion in net inflows, providing a significant boost to the market.
Sector performance was once again mixed. Services and conglomerates led gains, each advancing 1.37 percent, while mining stocks lagged, falling 1.54 percent. Market breadth was negative, with decliners edging advancers, 112 to 85.
AC top index gainer
Ayala Corporation (AC) topped the index gainers, climbing 3.62 percent to P529.00, while Alliance Global Group (AGI) was the worst performer, sliding 5.19 percent to P7.30 following news of its removal from the PSE index effective next week on 2 February.
Meanwhile, the foreign exchange market saw the peso weaken to P59.05 per dollar, down from P58.97 in the previous session. The move reflected renewed foreign inflows into local equities, which increased dollar supply in the market, alongside easing global dollar pressure after a brief pullback in US Treasury yields.
Calmer risk sentiment and expectations ahead of key domestic data releases, particularly the upcoming 2025 gross domestic product (GDP) growth figures to be released by the Philippine Statistics Authority on Thursday, also reduced near-term dollar demand from importers.
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