The Philippine Stock Exchange index (PSEi) climbed by 0.53% or 32.09 points, closing at 6,069.26 on Wednesday. This recovery follows a 1.56% drop the previous day.
Investors Respond to Market Fluctuations
This comes after investors hunted bargains following Tuesday’s sell-off. Market sentiment was further supported by optimism over US-Iran negotiations and regional diplomatic efforts, pushing oil prices lower.
Japhet Louis O. Tantiangco, Philstocks Financial, Inc. Research Manager
- The broader all shares index increased by 0.16% to 3,324.78.
- Jollibee Foods Corp. led gains, rising 4.09% to P140, while DigiPlus Interactive Corp. fell 5.3% to P11.08.
Sector performance was mixed, with financials up by 0.92% and industrials by 0.86%. However, declines were noted in mining and oil, which fell by 1.44%.
The rebound in the local market aligns with a cautious recovery in Asian share markets, where investors remain alert to geopolitical developments, particularly involving the US and Iran.
Despite the recovery, net foreign selling decreased to P79.59 million from P342.22 million. Value turnover was lower at P4.63 billion, indicating a cautious trading environment.