Local equities market climbed back above the key psychological threshold on Thursday, May 14, as late-session bargain hunting offset persistent anxiety over macroeconomic pressures and geopolitical volatility.

The Philippine Stock Exchange index (PSEi) advanced 68.25 points, or 1.15 percent, to finish at 6,015.03.

Mining stocks anchored the day’s gains, leading the sectoral recovery, while industrial shares lagged behind the broader market. Market breadth was positive, with 98 gainers outpacing 85 decliners, while 65 issues remained unchanged.

However, the conviction behind the rally appeared fragile; turnover stood at a modest 442 million shares valued at  ₱5.01 billion, well below historical averages during more robust bull phases.

Luis Limlingan, managing director at Regina Capital Development Corp., noted that the index’s return to positive territory was largely driven by the burst of buying pressure in the final minutes of trading.

Despite the late-day surge, Limlingan said that the underlying tone of the market remains subdued. Market participants continue to adopt a selective approach, cherry-picking undervalued blue chips while avoiding broad exposure amid lingering uncertainties.

The rebound follows a two-day retreat that saw the index languish under the weight of rising interest rate concerns and regional instability.

Japhet Tantiangco, research manager at Philstocks Financial, attributed the day’s performance to technical buying, as investors moved in to scoop up shares that had been oversold during the recent dip.

However, he warned that trading remains tepid, hampered by low confidence stemming from a cocktail of domestic political noise, macroeconomic headwinds, and the ongoing tension in the Middle East.

External cues provided a mild tailwind for the local bourse. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi found support as local political tensions appeared to stabilize overnight.

Furthermore, the local market took some direction from Wall Street, where the S&P 500 and Nasdaq recently pushed to record highs, providing a glimmer of optimism for emerging market assets. Despite the 6,000-level reclaim, analysts suggested the PSEi will need a sustained increase in volume to confirm a definitive trend reversal.