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PSEi back at 6,000 level as oil price drop sparks bargain hunting

Business | The Stock Market

PSEi back at 6,000 level as oil price drop sparks bargain hunting

By James A. Loyola

Continuing its see-saw performance this week, the Philippine Stock Exchange index (PSEi) bounced back above the 6,000 level on Thursday, June 25, as easing oil prices spurred bargain hunting.

The main index rose by 79.69 points, or 1.33 percent, to close at 6,071.06. The recovery of index heavyweight International Container Terminal Services Inc. (ICTSI) powered the services counter, while miners and banks offset some of the gains.

Volume was lower but remained strong at 889 million shares worth ₱8.3 billion, as losers outnumbered gainers—103 to 79, with 61 issues unchanged.

“The PSEi ended higher, bouncing back above the 6,000 level after the sharp sell-off yesterday. Market participants showed renewed buying interest, particularly in blue-chip stocks that experienced declines in the previous session,” said Regina Capital Development Corp. managing director Luis Limlingan.

Philstocks Financial Inc. research manager Japhet Tantiangco said, “Investors hunted for bargains primarily in the index’s heavyweight ICTSI. The decline in global oil prices also helped in today’s session.”

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said global crude oil prices have erased almost all of their gains since the war on Iran started nearly four months ago as flows through the Strait of Hormuz picked up following progress on a United States (US)-Iran peace deal.

The PSEi also gained as the peso strengthened for the sixth straight trading day.

Related Tags

Philippine Stock Exchange Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco Rizal Commercial Banking Corporation Michael L. Ricafort

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