Stocks snap three-day slump as oil relief spurs buying
Published Mar 17, 2026 05:12 pm
Local equities snapped a three-day losing streak on Tuesday, March 17, as investors engaged in selective bargain hunting, though gains remained capped by persistent anxiety over geopolitical tensions and the trajectory of interest rates.
The Philippine Stock Exchange index (PSEi) advanced 19.46 points, or 0.32 percent, to close at 6,026.01. Despite the move into positive territory, the gauge finished well off its highs of the session, underscoring a lack of conviction among market participants.
The Services sector anchored the climb, offsetting weakness in the heavyweight Banking and Property indices.
Market activity remained subdued as many investors opted to stay on the sidelines. Trading volume fell to 1.06 billion shares valued at ₱7.27 billion. Breadth was slightly negative despite the index's rise, with 95 decliners outnumbering 92 gainers, while 53 issues remained unchanged.
The recovery followed a period of sustained selling pressure that had dragged the index toward key support levels. Sentiment saw a brief reprieve after international markets posted gains and a volatile energy market showed signs of cooling.
“The PSEi ended in the green following a series of declines, as sentiment improved after international markets posted gains and oil prices showed some relief,” said Luis Limlingan, managing director at Regina Capital Development Corp.
However, the bounce lacked momentum as the specter of tighter monetary policy continues to weigh on the domestic outlook. Limlingan noted that the market remained cautious amid hints of possible further rate hikes by central banks, leading to highly selective buying patterns.
The local benchmark took cues from a positive lead on Wall Street, where cooling crude prices provided a temporary tailwind for risk assets. Japhet Tantiangco, research manager at Philstocks Financial, attributed the bounce to technical buying after three consecutive days of losses.
He cautioned, however, that the underlying mood remains tepid. Investors are grappling with lingering uncertainties related to the conflict in the Middle East, which has the potential to disrupt global supply chains and reignite inflationary pressures.
Global oil dynamics played a central role in the day’s fluctuations. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the slight correction in crude prices supported the local index.
He pointed to rhetoric regarding international cooperation on the reopening of the Strait of Hormuz as a factor that eased immediate supply concerns.