Philippine stocks rebound on bargain hunting as peso hits fresh record low
Philippine equities post their strongest one-day gain in nearly two months as investors return to beaten-down shares after the previous session’s sell-off. The rebound comes even as the peso weakens to another all-time low against the U.S. dollar, underscoring persistent pressure on local financial markets.
Highlights
- Philippine Stock Exchange index jumps 2.13% to 5,761.19 and all shares index rises 1.67% to 3,213.96 on bargain hunting.
- Peso falls to a new record low of P64.17 per dollar, down 22 centavos from the previous low, briefly touching P64.20 intraday.
- Strength in U.S. equities, led by gains after Anthropic's IPO filing, supports local sentiment as Dow rises 0.28%, S&P 500 0.7%, Nasdaq 0.83%.
Market rebound lifts benchmark
As reported by BusinessWorld Online, the Philippine Stock Exchange index rises 2.13%, or 120.01 points, to 5,761.19 on Tuesday, while the broader all shares index gains 1.67%, or 52.84 points, to 3,213.96.The advance marks the bellwether’s best one-day performance since Sept. 1, when it climbed 2.31% to close at 6,093.89. COL Financial Group, Inc. Research Analyst Denise Joaquin says investors buy shares after Monday’s sharp drop, while WisdomTree’s annual emerging markets index rebalancing adds to volatility near the close.
Joaquin says sentiment is also supported by stronger U.S. equities overnight, even as the peso nears the P64:$1 level. Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco says bargain hunting after a three-day decline and positive cues from Wall Street help drive the rally.
Currency pressure and global cues remain in focus
The peso closes at a new all-time low of P64.17 against the dollar on Tuesday, weakening by 22 centavos from its previous record low of P63.95 on Monday, based on data from the Bankers Association of the Philippines. The currency also touches an intraday low of P64.20, its weakest level on record against the greenback.On Wall Street, major indexes move higher on technology strength after Anthropic’s initial public offering filing, according to Reuters. The Dow Jones Industrial Average rises 146.42 points, or 0.28%, to 52,361.58, the S&P 500 gains 53.09 points, or 0.7%, to 7,676.77, and the Nasdaq Composite adds 214.04 points, or 0.83%, to 26,169.38.
Our earlier report on the PSEi rebound despite the peso’s record low described how Philippine shares closed higher as investors returned to beaten-down stocks after recent losses. It also highlighted that the peso slipped to a fresh all-time low versus the dollar, while foreign buying briefly returned and market participants stayed cautious about currency-driven sentiment.
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