Market snaps two-day losing streak; peso back over P60

The benchmark Philippine Stock Exchange Index closed at 6,063.35 on Wednesday, up 0.84 percent and breaking a two-day losing streak as Philippine equities rebounded alongside gains in US markets.

The rally was largely driven by renewed optimism that the United States and Iran may resume negotiations, following reports of a possible second round of talks, which helped improve global risk sentiment after recent volatility tied to the Middle East conflict. Investors also hunted for bargains following a two day slide to begin the week.

Robust trading

As such, trading activity was robust, with net value turnover reaching P7.26 billion, exceeding the year-to-date average of P6.48 billion.

Despite the market’s advance, foreign investors remained net sellers, posting P1.37 billion in outflows, suggesting that the recovery was still largely supported by domestic participation.

All sectors finished higher, with banking stocks leading the gains (+1.23 percent), indicating improving confidence in the domestic economy. Market breadth was positive, with advancers outnumbering decliners, 112 to 73.

Among index constituents, Bank of the Philippine Islands (BPI) emerged as the top gainer, rising 3.13 percent to P102.30, while DigiPlus Interactive Corp. (PLUS) was the biggest laggard, falling 5.06 percent to P15.00.