Stocks bounce back on bargain hunting

March 4, 2025 | 12:00am

MANILA, Philippines — Local shares bounced back after a two-day slump as investors snatched for bargains, lifting the benchmark index back above the 6,000 level.

The Philippine Stock Exchange index (PSEi) climbed by 0.65 percent or 39.22 points to end yesterday’s session at 6,037.19.

The broader All Shares index also finished in the positive territory, adding 0.89 percent or 32 points to settle at 3,620.12.

Philstocks Financial research manager Japhet Tantiangco said that the PSEi rebounded after two straight days of losses as investors hunted for bargains, backed by optimistic expectations towards the country’s February inflation.

Tantiangco said that satisfactory fourth quarter and full year 2024 corporate results also helped in pushing the market higher yesterday.

“Gains were trimmed in the final minutes, however, as investors maintained a cautious stance amid lingering uncertainties abroad,” he said.

Trading was quite active with net value turnover reaching P6.19 billion.

“The PSEi increased by 0.65 percent, surpassing the 6,000 mark with net foreign buying (P291 million) and strong turnover (P6.2 billion),” Sun Life Investment Management and Trust Corp. president Michael Enriquez said.

“SM, up 5.64 percent, was a top gainer after announcing a P60 billion share buyback program, boosting market confidence as 2024 profits exceeded expectations,” Enriquez said.

Sectors were led by holding firms, which jumped by 2.9 percent, while services posted the biggest drop at 1.38 percent.

Decliners crushed advancers, 120 to 75, while 55 issues were unchanged.

Among index members, Bloomberry recorded the highest gain at 5.64 percent, while Monde Nissin lost the most with 7.15 percent.