The Philippine Stock Exchange Index (PSEi) rebounded to 5,912.69, marking a 1.95% increase of 113.37 points. This upswing signals a shift in investor behavior as buying momentum continues.
Market Sentiment and Economic Factors Influencing the Rally
The local market extended its rally as investors continued their bargain hunting. The market also cheered the significant rollback in fuel prices today as it would help in the country’s inflation scenario.
Japhet Louis O. Tantiangco, Philstocks Financial, Inc.
- PSEi's best single-day performance since April 8, when it rose by 2.21%.
- All sector indices closed in the green, with services surging by 4.84%.
The positive momentum was significantly aided by recent fuel price rollbacks, which followed a streak of increases. Energy Secretary Sharon S. Garin mentioned that the government is actively establishing a strategic petroleum reserve program, aimed at enhancing energy security.
The Philippine market's recovery is also supported by the peso's strengthening against the US dollar. On Tuesday, it appreciated by 7.10 centavos, closing at P61.675.
Investor activity reflected a net foreign buying of P628.73 million on Tuesday, a notable turnaround from previous days' trends. This shift could indicate renewed confidence in the Philippine market.
On Tuesday, advances outnumbered declines 98 to 79, with a total turnover of P6.79 billion. International Container Terminal Services, Inc. led the index with a substantial jump of 6.41%.