The PSEi paused from its two-day slide and gained a few points as investors remain wary.
The main index added 20.31 points or 0.31 percent to close at 6,597.78 although only Banks and Holding Firms advanced while most sectors retreated. Volume fell to a thin 652 million shares worth P2.81 billion as losers beat gainers 107 to 76 with 57 unchanged.
“Philippine shares rebounded, as foreign investors stayed away from dropping tech names for bonds on fears of global economic slowdown,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Meanwhile, the Philippine government infra spending dipped by 2.6 percent year-on-year to P190.2bn in the first quarter of 2022, largely due to the timing of payables for regular infra projects.
AB Capital Securities said “the local market traded mostly sideways as investors remain risk averse due to global economic headwinds.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market bounced back as investors hunted for bargains from its preceding 2-day decline.”
However, he noted that the low net value turnover implies that “many are staying on the sidelines due to global economic concerns including the US’ monetary tightening, China’s economic slowdown, and the Russia - Ukraine war.”