PSEi recovers on bargain hunting, peso back at 59:$1

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MANILA, Philippines — The local stock market bounced back yesterday as investors shopped for bargains following Monday’s steep drop, while the peso strengthened back to the 59-level against the dollar.

The bellwether Philippine Stock Exchange index advanced by 0.63 percent or 37.02 points to 5,936.20, snapping a two-day losing streak.

The broader All Shares index also improved by 0.57 percent or 18.64 points, settling at 3,295.23.

AP Securities said the market saw a brief respite amid the ongoing Middle East war after US President Donald Trump put US attacks on Iran’s power plants on hold.

“The PSEi joined the regional rebound after Monday’s two percent drop to 5,899, supported by bargain hunting and a firmer peso at P59.95 from P60.3 after the delay of US strikes on Iranian energy assets ,” AB Capital Securities said.

All sectors were in the green, except for services, which declined by 0.49 percent.

Trading was weak as total turnover value thinned to P5.7 billion from the previous day’s P8.17 billion.

Market breadth was positive as advancers toppled decliners, 129 to 63, while 59 issues were unchanged.

ICTSI remained the most actively traded stock, sliding by 1.72 percent to P686 per share.

Meanwhile, the peso strengthened by 35 centavos to 59.95 against the dollar from its record-low finish of 60.30 on Monday.

The local currency opened stronger at 59.90 to $1. Its intraday best reached 59.68 versus the greenback before losing steam to hit an intraday worst of 60.15.

RCBC chief economist Michael Ricafort likewise attributed the recent appreciation to Trump’s order to postpone military strikes against Iran’s energy infrastructure for five days.