Stocks rise anew on sustained bargain hunting

The Philippine stock market experienced a second consecutive day of upward movement as investors persisted in their search for undervalued stocks. The Philippine Stock Exchange index (PSEi) reached 6,116.53, marking a 0.17 percent increase or 10.54 points. The All Shares index also showed a modest gain of 0.04 percent, or 1.28 points, concluding yesterday's trading session at 3,385.85.

Philstocks Financial observed the local market extending its gains due to ongoing bargain hunting and noted that foreign investors contributed to the climb, with net foreign inflows reaching P219.1 million. Luis Limlingan of Regina Capital, however, cautioned that trading remained cautious, as investors continued to focus on specific index leaders.

He highlighted that market sentiment improved, partly due to some relief in the peso's value against the dollar. Despite this, Limlingan emphasized that upside remained limited as investors maintained a selective approach, considering the economic uncertainties that persist.

Sectoral performances were varied, with the services sector leading the way with a 1.59 percent increase, while holding firms faced the steepest decline at 1.29 percent. The total turnover value rose to P5.9 billion from the previous day's P4.39 billion. Philstocks Financial reported a tepid trading session, with more participants remaining on the sidelines due to lingering concerns over the Middle East situation and the overall economic outlook.

The market breadth was negative, with 106 stocks declining and 88 advancing, while 55 remained unchanged.

ICTSI led the trading volume, surging by 1.88 percent to P975 per share. BDO Unibank experienced a slight drop of 0.92 percent, settling at P118.90, while BPI increased by a minimal 0.1 percent to P104.