Bargain hunting lifts PHL shares after 3-day slide

PHILIPPINE STOCKS rebounded on Wednesday as players picked up beaten-down issues following the market's three-day slide that caused the main index to log fresh multiyear lows.

- Alexandria Grace C. Magno with Reuters

The Philippine Stock Exchange index (PSEi) jumped by 1.5% or 84.95 points to close at 5,714.02, while the broader all shares index climbed by 0.96% or 33.26 points to end at 3,498.87.

The PSEi finished at multiyear lows in the past three days, bottoming out at a near five-and-a-half-year trough of 5,629.07 on Tuesday.

“The PSEi rebounded today as investors engaged in bargain hunting after several days of heavy selling... Overall, sentiment improved slightly as traders looked for short-term gains amid oversold market conditions,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said ina Viber message.

“The recovery came despite the peso weakening to the P59-per-dollar level again, reflecting continued external pressure.”