PSEi rallies on bargain hunting

Philippine shares rallied on Tuesday as the benchmark index was lifted by bargain hunting, hitting past the 5,700 mark.

The bellwether Philippine Stock Exchange index (PSEi) gained 120.01 points or 2.13% to close at 5,761.19 at the closing bell.

The broader All Shares gained 52.84 points or 1.67% to 3,213.96.

“The Philippine stock market ended higher on Tuesday, likely staging a technical rebound as investors hunted for bargains following a steep three-day losing streak,” said Luis Limlingan, head of sales at Regina Capital Development.

“However, sentiment is expected to remain cautious in the coming sessions after the peso touched the P64-per-dollar level, raising concerns about imported inflation, higher corporate costs, and potential earnings pressure that could limit further gains in the local bourse,” he said.

More than 1.12 billion shares valued at P9.52 billion changed hands.

Advancers led decliners, 104 to 66, and 76 issues were unchanged. —AOL, GMA News