Stocks bounce back strongly, peso recovers

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MANILA, Philippines —   The local stock market pulled off a stellar comeback after being knocked out cold the previous day where it suffered its steepest one-day drop in nearly six years, as bargain hunters stepped into the picture to snap a two-day losing slump.

The peso also strengthened against the dollar, recovering from a record low in the previous session as the local currency gained ground amid easing pressure in the foreign exchange market.

The bellwether Philippine Stock Exchange index (PSEi) surged by 2.01 percent or 120.44 points, settling at 6,126.66.

The broader All Shares index also bounced back, climbing by 1.82 percent or 60.86 points to end yesterday’s session at 3,407.61.

“The PSEi rebounded sharply after Monday’s sell-off, tracking gains in global equities as optimism over potential geopolitical de-escalation improved risk sentiment following President Trump’s remarks suggesting the conflict may end soon,” Luis Limlingan of Regina Capital said.

However, Limlingan said the rebound remains fragile despite the broad-based recovery as investors stayed cautious, with sustained gains likely dependent on continued positive cues from global markets and clearer developments in ongoing geopolitical tensions.

Following a bloodbath on Monday, all counters were in the green this time around, led mining and oil with a 3.23-percent and services with a 2.88-percent gain.

Meanwhile, data from the Bankers Association of the Philippines showed the peso closed at 58.896 per dollar, stronger by about 60 centavos from Monday’s record low finish of 59.50.