Bargain hunting fuels stock market rebound

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June 2, 2026 | 12:00am

MANILA, Philippines — The local stock market bounced back from Friday’s sharp decline, opening the week and the month of June higher as bargain hunters came to the rescue.

The bellwether Philippine Stock Exchange index (PSEi) advanced by 0.53 percent or 30.56 points to end yesterday’s session at 5,799.32.

The broader All Shares index likewise inched up by 0.14 percent or 4.59 points, settling at 3,285.56.

Luis Limlingan of Regina Capital said the PSEi ended higher following the steep sell-down last Friday, as the market shifted into bargain-hunting mode.

Limlingan, however, said gains were capped in the afternoon session as participants remained cautious.

“Positioning stayed defensive, with many maintaining short exposures ahead of the upcoming inflation data,” he said.

AB Capital Securities, for its part, said the PSEi was still recovering from MSCI-driven 1.6-percent decline last Friday, as earlier gains during the session were pared down at the end, closing just below 5,800.

“Sentiment remained cautious, with MSCI-related spillovers keeping net foreign selling elevated,” it said.

Sectoral gauges were a mixed bag, with services posting the biggest gain at 2.47 percent, while mining and oil lost most at 0.97 percent.

Trading was strong as total turnover value reached P8.5 billion.

Advancers edged out decliners, 102 to 93, while 61 issues did not change hands.

ICTSI led the session as the most active, climbing by 3.65 percent to P780 per share, followed by BPI which declined by 0.43 percent to P93.50 and Jollibee which rose by 2.92 percent to P130.60.