Bargain hunting lifts PSEi to 6,366

MANILA, Philippines — Philippine stocks extended gains for a second day on Wednesday as bargain hunting and earnings lifted investors’ sentiment.

The benchmark Philippine Stock Exchange Index (PSEi) rose 0.63 percent, or 39.75 points, to close at 6,366.64.

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Philstocks Financial Inc. research manager Japhet Tantiangco attributed the market’s advance to bargain hunting alongside positive sentiment toward the second-quarter and first-half results of select listed companies.

Tempered trading

Trading, however, remained subdued as investors continued to weigh uncertainties in the Middle East and downside risks to the domestic economic outlook.

Luis Limlingan, head of sales at Regina Capital Development Corp., said stronger-than-expected results supported sentiment and encouraged selective buying across key sectors.

“Gains were sustained as investors remained optimistic about the earnings outlook despite lingering macroeconomic uncertainties,” Limlingan said.

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Net value turnover stood at P6.20 billion, reflecting cautious participation despite the market’s advance.

Foreign investors provided some support, ending the session as net buyers with net inflows of P13.82 million.

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Most sectoral indices finished in positive territory. Holding firms led the market with a 2.32-percent gain, while services was the lone decliner after shedding 1.36 percent.

DMCI Holdings Inc. emerged as the top index performer, jumping 5.68 percent to P8 per share.

On the other hand, Emperador Inc. was the main index laggard, falling 2.06 percent to P15.24.

The latest gain brought the PSEi closer to the 6,400 level, which the market has struggled to breach in recent sessions.

Analysts said investors remained on the sidelines despite the appreciation of recent corporate results, suggesting that uncertainties surrounding the broader economic outlook continued to temper risk appetite. /pai