The Philippine Stock Exchange index (PSEi) rose Wednesday as investors resumed bargain-hunting activities.
The main index jumped 28.44 points, or 0.45 percent, to close at 6,313.12, while the broader all-shares index went up by 26.26 points, or 0.70 percent, to 3,749.35.
“The local market bounced back as investors hunted for bargains supported by appreciation for corporate fundamentals,” Philstocks Financial Inc. research head Japhet Tantiangco said.
Analysts said investors also welcomed positive comments from Finance Secretary Ralph Recto about the domestic economy.
Recto said in an interview with BloombergTV he remains confident that the Philippine economy would grow by 6 percent this year.
Sectors were mixed, with the banks taking the lead of 1.35-percent rise, while industrial rose 1 percent. Mining and oil declined 1.26 percent and services by 0.81 percent.
Foreigners were net buyers for the day, with net inflows of P392.22 million. Gainers outnumbered losers, 93 to 88.
Globe Telecom Inc. was the top index leader, jumping 4.76 percent to P2,200, while Alliance Global Group Inc. was the day’s main index laggard, declining 2.95 percent to P5.93.
Asian equity markets were mixed, as gold hit another record high on Wednesday.
The tepid start to the day followed tech-led losses on Wall Street, while an agreement between US President Donald Trump and Vladimir Putin that Russia would stop targeting Ukrainian energy was met with a shrug.
The yen gave up initial gains against the dollar after the Bank of Japan kept interest rates on hold, warning about the outlook amid “high uncertainties” including over trade.
Investors are also gearing up for central bank decisions in the United States, the United Kingdom and Indonesia, where stocks tanked Tuesday on concerns about Indonesia’s economy.
Fresh pledges by China to boost domestic consumption and welcome data out of the United States that eased recession worries helped Asian markets to a strong start to the week.
But Trump’s scattergun trade policies, which have seen him impose measures on some key partners but delay others, have stoked uncertainty.
While no new levies have been announced in recent days, the next key date is April 2, when sweeping reciprocal measures are due to kick in, with Treasury Secretary Scott Bessent telling Fox Business “each country will receive a number that we believe represents their tariffs”.
“We are going to go to them and say, look, here’s where we think the tariff levels are, non-tariff barriers, currency manipulation, unfair funding, labour suppression,” he said on “Mornings With Maria.”
Many economists have warned that the tariffs — which are being met with retaliation by some countries — will tip the US economy, and possibly others, into recession.
With that in mind, the Federal Reserve’s policy meeting, which ends later Wednesday, is being closely followed by traders hoping for an idea about officials’ plans to deal with any negative impact.
Gold hits new record
The Bank of Japan, as expected, stood pat on interest rates, having hiked them last month amid concerns over the outlook, particularly with regard to trade.
“There remain high uncertainties surrounding Japan’s economic activity and prices, including the evolving situation regarding trade,” the bank warned in a statement after its announcement.
Stefan Angrick of Moody’s Analytics wrote in a note ahead of the decision that “a wave of tariff measures and threats from Washington have kept financial markets on edge”.
The yen rose against the dollar initially but later resumed the downward path it had started the day on, while Japan’s Nikkei 225 stock index also gave up gains to end lower.
Elsewhere in Asia, Hong Kong, Seoul, Singapore, Manila, Mumbai and Bangkok edged up. Jakarta gained more than one percent, clawing back some of the painful losses suffered Tuesday, when it shed more than seven percent at one point on economic fears.
But Shanghai, Sydney, Wellington and Taipei dipped.
London, Frankfurt and Paris slipped at the open.
Gold struck another record high above $3,045 on fears of a fresh upsurge in hostilities in the Middle East after Israel launched its most intense strikes on Gaza since a ceasefire with Hamas took effect.
Those concerns helped dampen sentiment on Wall Street, where all three main indexes resumed a sell-off after a two-day recovery from recent losses.
Trump’s talks with Putin failed to yield a full ceasefire, with the Russian leader instead only agreeing to halt attacks against Ukrainian energy targets for 30 days.
While the White House hailed the talks as “good and productive”, Ukrainian President Volodymyr Zelensky pledged to continue fighting in Russia’s Kursk region.
Top US envoy Steve Witkoff told Fox News that fresh talks had been planned to take place on Sunday in Jeddah.
However, Chris Weston at Pepperstone Group said: “While Russia-Ukraine ceasefire talks are ongoing, most feel that we’re no closer to anything truly tangible and a lasting agreement.” With AFP
