PHILIPPINE STOCKS recovered on Tuesday as strong corporate earnings lifted sentiment and as players picked up bargains following the market’s two-day decline.
The benchmark Philippine Stock Exchange index (PSEi) rose by 1.69% or 101.48 points to close at 6,094.96, while the broader all shares index climbed by 1.87% or 67.78 points to end at 3,678.94.
The PSEi opened Tuesday’s session at 5,994.64, a tad higher than Monday’s finish and already its intraday low. It climbed to as high as 6,107.62 during the day but settled just below the 6,100 mark at the closing bell.
“The local market bounced back this Tuesday as investors hunted for bargains after two consecutive days of decline. Optimism towards fourth quarter and full-year 2024 corporate results also helped in driving the market higher following sound earnings reports from Bank of the Philippine Islands, Asia United Bank Corp., and the most recent one SM Prime Holdings, Inc.,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
“Also helping in Tuesday’s trading was the overseas Filipinos’ cash remittance data for 2024, which posted a 3% increase,” he added.
Cash remittances from overseas Filipino workers hit an all-time high of $34.49 billion in 2024, up by 3% year on year and in line with the central bank’s full-year forecast.
“Philippine shares closed higher as investors welcomed the signing of the IRR (implementing rules and regulations) for corporate tax cuts,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
On Monday, Finance Secretary Ralph G. Recto and Trade Secretary Ma. Cristina Aldeguer-Roque signed the IRR of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy or CREATE MORE Act.
Almost all sectoral indices closed higher on Tuesday. Property surged by 3.32% or 71.23 points to 2,216.68; financials climbed by 1.52% or 34.38 points to 2,283.92; holding firms increased by 1.36% or 68.35 points to 5,076.79; industrials jumped by 1.34% or 116 points to 8,753.40; and services rose by 0.36% or 7.23 points to 1,992.82.
Meanwhile, mining and oil dropped by 0.17% or 13.89 points to 7,939.94.
“ACEN Corp. was the day’s index leader, jumping 5.26% to P3.20. Emperador, Inc. was the main index laggard, falling 2.99% to P12.32,” Mr. Tantiangco said.
Value turnover increased to P6.30 billion on Tuesday with 1.06 billion shares traded from the P5.32 billion with 1.23 billion issues that changed hands on Monday.
Advancers bested advancers, 101 versus 72, while 64 names were unchanged.
Net foreign selling declined to P199.76 million on Tuesday from P991.98 million on Monday. — R.M.D. Ochave
