Stock market ends 9-day losing streak

Philippine Stock Exchange (PSE) Building. PHOTO BY ENRIQUE AGCAOILI

THE stock market finally rebounded on Wednesday after falling for nine consecutive days, with the benchmark Philippine Stock Exchange index (PSEi) gaining 45.07 points, or 0.7 percent, to 6,450.04.

The broader All Shares index also advanced, adding 0.59 percent or 20.17 points, to 3,430.02.

Philstocks Financial Inc. research associate Claire Alviar said traders had taken the opportunity to “buy bargains near the 6,400 support level.”

“Adding to the positive sentiment, the International Monetary Fund revised its growth forecast for the Philippine economy to 6.2 percent for 2024,” she said.

AB Capital Group Executive Chairman Antonio Periquet Jr., meanwhile, said Wednesday’s rise could be due to the optimistic view that “[interest] rates will fall in the future.”

“It’s hard to predict the short term, but I think, longer term, markets are going higher,” he added.

Market participation was strong, resulting in a net market value turnover of P5.33 billion.

Among the sector indices, property was the sole loser after it dropped by 1.74 percent. The financials index, on the other hand, was the biggest gainer, rising 2.07 percent.

Advancers outnumbered decliners, 98 against 85, while 53 were unchanged.