Philippine stocks rebound on bargain-hunting

PHILIPPINE SHARES recovered on Wednesday as players picked up bargains after the market's five-day slide, even as sentiment stayed cautious amid a standoff between the United States and Iran.

- — Alexandria Grace C. Magno with Reuters

The Philippine Stock Exchange index (PSEi) rose by 0.7% or 41.10 points to close at 5,907.89, while the broader all shares index went up by 0.69% or 23.2 points to end at 3,343.60.

“The PSEi’s modest rebound appears largely technical, with bargain-hunting emerging after recent weakness but lacking strong conviction amid persistent macro and external headwinds,” Unicapital Securities, Inc. Research Head Wendy B. Estacio-Cruz said in a Viber message.

“Sentiment remains fragile amid continued peso depreciation and renewed increases in crude oil prices. We see the index likely to trade within a narrow range unless supported by stronger-than-expected earnings.”