Market bounces back, hits fresh 31-month high

MANILA, Philippines — The stock market resumed its climb yesterday, bouncing back to a fresh 31-month high.

The benchmark Philippine Stock Exchange index surged by 1.31 percent or 96.12 points to close at 7,458.74.

This was the PSEi’s highest finish in 31 months or since closing at 7,502.48 on Feb. 9, 2022.

The broader All Shares index also rebounded, finishing 0.98 percent or 38.46 points higher at 3,978.10.

Mining and oil index was the session’s sole loser, dropping by 0.34 percent, while rest of the sectors settled in the green.

Financials led the charge with 2.59 percent jump, followed by holding firms with a 1.07-percent increase.

Market breadth was positive as advancers crushed decliners, 111 to 80, while 61 stocks were unchanged.

Philstocks Financial research manager Japhet Tantiangco said optimism was fueled by cues of possible rate cuts from the Bangko Sentral ng Pilipinas (BSP).

“According to BSP Governor Eli Remolona, the central bank may still cut policy rates in the fourth quarter of this year, 25 basis points each in their last two meetings,” he said.

Tantiangco said trading remained active yesterday with net value turnover registering P6.88 billion, higher than the year-to-date average of P5.18 billion.

Foreigners were net buyers with net inflows amounting to P4.79 billion.

San Miguel Corp. recorded the largest gain among index members at 6.11 percent, while Semirara Mining and Power registered the biggest decline at 1.48 percent.

ICTSI was the top traded company, ending flat at P410 per share, followed by Metropolitan Bank and Trust Co. which rose by 2.24 percent to P82 per share.