PH Stocks rebound on renewed risk appetite as peso strengthens

Bargain-hunting snapped a three-day losing streak on Thursday as the Philippine Stock Exchange index (PSEi) rallied on renewed risk appetite, while the peso strengthened against the greenback.

The local bourse’s main index rose 1.30 percent to 6,238.46 points, while the broader All Shares index climbed 1.14 percent to 3,435.23 points.

Mining and Oil led the sectoral gauges with a 5.04 percent jump. This was followed by Services, up 2.61 percent; Holding Firms, 1.29 percent; Industrial, 0.65 percent; Property, 0.34 percent; and Financials, 0.27 percent.

Volume reached 3.5 billion shares amounting to PHP8.78 billion.

Advancers outpaced decliners at 113 to 67, while 66 shares were unchanged.

“Buying interest lifted market sentiment, with investors taking advantage of lower valuations after the recent decline. The recovery reflected renewed risk appetite after (the) global market also traded in green, although participants remain watchful for fresh catalysts to sustain the upside,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

The local currency ended the day at 61.67 against the greenback, stronger than Wednesday's 61.81 close.

It opened at 61.70, an improvement from the previous session's 61.85 start.

The peso traded between 61.49 and 61.70, bringing the day's average to 61.60.

Volume reached USD2.1 billion, up from the USD1.89 billion recorded in the previous session.

-Joann Villanueva/Philippine News Agency