PHILIPPINE STOCKS went up on Monday on bargain hunting, with players awaiting updates on the visit of President Ferdinand R. Marcos, Jr. to the United States this week to meet with US President Donald J. Trump.
The main Philippine Stock Exchange index (PSEi) rose by 0.77% or 49.02 points to end at 6,352.74, while the broader all shares index climbed by 0.45% or 17.16 points to close at 3,753.44.
“The local bourse bounced back this Monday as investors hunted for bargains following last week’s steep decline,” Philstocks Financial, Inc. Assistant Manager for Research and Online Engagement Claire T. Alviar said in a Viber message.
Last week, the bellwether PSEi dropped by 2.42% or 156.16 points from its 6,459.88 finish on July 11.
“Sentiment was also lifted by Mr. Marcos’ visit to the US, with hopes of securing a more favorable trade deal before the Aug. 1 deadline,” Ms. Alviar added.
“The PSEi upped this Monday back a little above the 6,350 mark, driven by investors seeking cheaper prices together with continued vigilance as investors remain alert to the global trade developments as negotiations between the US and the Philippines regarding tariffs commence this week,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. “Further advancements in stock prices could be taken once negotiations and ongoing earnings season sentiments kick in.”
Mr. Marcos arrived in Washington, DC early Monday (Manila time) for his three-day official visit.
He will meet with Mr. Trump as the government hopes to negotiate a more favorable trade deal for the country after the US chief executive said he would impose a 20% “reciprocal” tariff on Philippine goods, higher than the initial 17% rate announced in April.
Almost all sectoral indices closed in the green on Monday. Holding firms increased by 0.91% or 49.09 points to 5,430.31; financials went up by 0.73% or 16.25 points to 2,234.53; services climbed by 0.58% or 12.45 points to 2,142.14; industrials rose by 0.5% or 45.68 points to 9,129.71; and property inched up by 0.37% or 8.85 points to 2,374.85.
Meanwhile, mining and oil dropped by 0.25% or 23.17 points to 9,117.74.
“For index members, Bank of the Philippine Islands posted the biggest gain at 3.2%, while Bloomberry Resorts Corp. led the decliners, falling 3.37% amid uncertainties surrounding online gambling,” Ms. Alviar said.
Value turnover dropped to P5.79 billion on Monday with 1.14 billion shares traded from the P8.45 billion with 1.67 billion shares that changed hands on Friday.
Advancers bested decliners, 104 versus 82, while 56 names were unchanged.
Net foreign selling went down to P36.3 million on Monday from P240.15 million on Friday. — Revin Mikhael D. Ochave
