Philippine financial markets showed a measured recovery on Tuesday, with stocks snapping a three-day slide and the peso posting a slight gain against the US dollar, as bargain hunters returned while investors remained wary of the ongoing conflict in the Middle East.
The benchmark Philippine Stock Exchange index (PSEi) climbed 0.32 percent to close at 6,026.01, while the broader All Shares index advanced 0.24 percent to 3,349.75.
Most sectoral indices ended in positive territory, led by Services, which jumped 1.03 percent. Holding Firms rose 0.54 percent, followed by Industrial at 0.23 percent and Mining and Oil at 0.18 percent. In contrast, Property declined 0.86 percent, while Financials slipped 0.08 percent.
Trading activity remained active, with volume reaching nearly 1.1 billion shares valued at PHP7.3 billion. Market breadth, however, stayed negative as decliners narrowly outpaced advancers, 95 to 92, while 53 issues were unchanged.
According to Philstocks Financials Inc., the local bourse regained ground as investors snapped up bargains after three consecutive sessions of losses, while also taking support from Wall Street’s overnight rally.
In the currency market, the peso strengthened slightly to 59.80 against the US dollar from the previous 59.87. Despite opening weaker at 59.77 from 59.71, the local unit managed to recover during the session, moving within a range of 59.65 to 59.88 and averaging 59.74.
Dollar trading volume also picked up, increasing to USD1.88 billion from USD1.81 billion, reflecting continued market activity as investors monitored external risks and global sentiment.