The Philippine Stock Exchange index (PSEi) managed to stay above the red line on late bargain-hunting as investors start betting on a rate cut next month.
The main index added 6.20 points or 0.10 percent to close at 6,166.05 as the Services sector led the advance while Conglomerates and Property firms suffered more losses. Volume was still anemic at 1.06 billion shares worth P4.91 billion as losers outnumbered gainers 111 to 92 with 46 unchanged.
“Philippine shares made a modest recovery, as Wall Street also closed higher on Tuesday, extending gains as investors bet on narrower U.S. tariffs,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Markets shrugged off weak US consumer confidence data, with the index falling to 92.9 and future expectations hitting a 12-year low at 65.2, signaling recession risks. The consumer confidence index fell slightly below consensus expectations in March and to the lowest level since January 2021.”
Philstocks Financial Research Manager Japhet Tantiangco said “Last minute bargain hunting brought the local market higher this Wednesday. Rising hopes that the BSP will ease their policy in their April meeting helped in lifting sentiment. Adding to the rise were the positive cues from Wall Street.”