Local shares rebounded sharply on Tuesday, with the Philippine Stock Exchange index (PSEi) climbing back above the 6,000 level, driven by bargain-hunting investors. Meanwhile, the peso firmed up against the US dollar.
The benchmark PSEi surged 3.15% to close at 6,006.34, while the broader All Shares index rose 2.46% to 3,582.80.
According to Japhet Tantiangco, research manager at Philstocks Financial, the market’s rally was fueled by investors seeking out bargains after three straight days of losses.
All sectoral indices ended in positive territory. The Services sector led the charge with a 5.51% jump to 1,916.38. Financials followed, gaining 4.04% to 2,370.54, while Industrials advanced 3.17% to 8,438.05. Mining and Oil rose 1.80% to 8,714.54, Holding Firms edged up 1.11% to 4,890.07, and Property added 0.23% to 2,158.07.
“Hopes that the Bangko Sentral ng Pilipinas may cut interest rates in its upcoming policy meeting also contributed to the market’s upbeat mood,” Tantiangco noted.
Trading activity was robust, with total value turnover reaching P5.73 billion—above the year-to-date daily average of P5.4 billion. Advancers outnumbered decliners, 127 to 75, while 60 stocks remained unchanged.
On the currency front, the Philippine peso strengthened by 12 centavos to close at 57.31 against the US dollar, improving from Monday’s finish of 57.43.
The peso opened slightly weaker at 57.35, compared to the previous day’s opening of 57.10. It traded within a range of 57.15 to 57.38, averaging 57.26 throughout the session.
However, total trade volume dipped to $1.97 billion, down from Monday’s $2.17 billion.