The main index snapped its decline and recorded minimal gains on Tuesday as selling pressure subsided.
The bellwether Philippine Stock Exchange index (PSEi) gained 0.8 percent or 51.18 points to its intraday high of 6,446.35, while the broader All Shares rose 0.66 percent or 25.61 points to finish at 3,913.32.
AAA Equities head of research Christopher Mangun said the local bourse climbed slightly higher as panic selling subsided.
He added that it was mainly a technical bounce, following the market’s previous declines.
Mangun noted that fears due to rising local coronavirus disease 2019 (Covid-19) cases linger, however, clarity on the restrictions and progress on the country’s vaccination program might have positively affected the general sentiment.
Mangun continued that total turnover value was at P4.93 billion, which is less than half of the daily trading at the beginning of the year.
“[This] is an indication that most investors are on the sidelines and are taking a wait-and-see approach,” he explained.
Regina Capital Development Corp. Managing Director Luis Limlingan, on the other hand, said investors bargain hunted for stocks.
He added that “positive sentiment spilled over from regional markets led by high-growth tech stocks as treasury yields retreated.”
Most local sectors were in the green led by the property index at 1.8 percent, while mining and oil and industrial shed 0.39 percent and 0.10 percent, respectively.
Total volume turnover was at 2.3 billion shares valued at P5.04 billion.
Advancers outpaced decliners, 125 to 76, while 52 securities were unchanged.