Local stocks rebounded Monday as investors bought beaten-down shares, ending a five-session losing streak.
The benchmark Philippine Stock Exchange Index (PSEi) climbed 2.03 percent, or 114.18 points, to close at 5,743.21.
Philstocks Financial Inc. attributed the recovery to bargain hunting and positive signals from Wall Street’s closing performance last week.
The brokerage said a weaker-than-expected US jobs report tempered expectations of a hawkish Federal Reserve, helping lift sentiment in the local market.
The gains, however, came amid subdued trading as many investors remained on the sidelines.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the PSEi ended higher as buying pressure emerged, particularly among index heavyweights, following five consecutive sessions of declines.
‘Investors took advantage of relatively cheaper valuations after the recent sell-off. Sentiment was also supported as investors likely positioned ahead of tomorrow’s inflation print release,’ Limlingan said.
Net value turnover reached P3.28 billion. Foreign investors ended the session as net buyers, with net inflows of P134.20 million.
Nearly all sectoral indices advanced, led by services, which surged 4 percent. Banks were the lone exception, slipping 0.07 percent.
International Container Terminal Services Inc. led the index gainers, jumping 5.23 percent to P905 per share.
DigiPlus Interactive Corp., meanwhile, was the biggest index decliner, falling 2 percent to P7.84 per share.