The local stock market bounced with global bourses as the steep drop in the past days presented bargain-hunting opportunities.
The main index added 30.79 points or 0.49 percent to close at 6,330.46 with the Property counter leading the advance although sectoral indices were evenly split. Volume was relatively stable at 592 million shares worth P5.44 billion as losers still outnumbered gainers 100 to 88 with 44 unchanged.
“Philippines shares rebounded above 6,300 level, following the slight recovery in the global market,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Meanwhile, US equities remained mixed after a lighter-than-expected PPI report showed a 0.2 percent increase in December, below the projected 0.4 percent rise. Core PPI, excluding food and energy, was flat.
“Investors are now eyeing Wednesday's CPI report, with economists predicting a 0.3 percent rise in December, to assess whether inflation is nearing the Federal Reserve's 2 percent target, which could prompt a shift in interest rate policy,” he added.
Philstocks Financial Research Manager Japhet Tantiangco said “the PSEi closed higher as investors hunted for bargains following three straight days of decline. Helping in the market’s rise was Fitch Solutions’ BMI’s 6.3 percent economic growth projection for the Philippines this 2025.”
“Also aiding was the record new vehicle sales in the Philippines in 2024 as per the joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association, which somehow reflects strong spending in the country,” he noted.