Stocks snap losing streak

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April 30, 2026 | 12:00am

MANILA, Philippines — The local stock market finally broke out of its slump as investors hunted for bargain stocks following a five-day losing streak.

The benchmark Philippine Stock Exchange index (PSEi) advanced by 0.7 percent or 41.1 points to cap off yesterday’s session at 5,907.89.

The broader All Shares index also improved by 0.7 percent or 23.20 points, finishing at 3,343.60.

AB Capital Securities said the PSEi rebounded as bargain hunting ended foreign sell streak.

“The Philippine market ended higher, snapping a five-day losing streak as bargain hunting emerged after the recent sell-off,” Luis Limlingan of Regina Capital said.

The United Arab Emirates, one of the world’s top oil producers, is withdrawing from the OPEC to focus on “national interests amid the escalating war in the Middle East.

“Investor sentiment improved after the market took positively the UAE’s decision to exit OPEC, raising expectations of lower global fuel prices. This helped ease inflation concerns and provided near-term support for equities,” Limlingan said.

Sectoral gauges were a mixed bag, with services posting the biggest gain at 1.33 percent, while property registered the largest decline at 0.08 percent.

Total value turnover thinned to P7.72 billion from the previous day’s to P8.07 billion.

Market breadth was positive as advancers pummeled decliners, 105 to 78, while 54 issues were unchanged.

MREIT was the session’s top traded stock, inching down by 0.14 percent to P13.90 per share, followed by ICTSI and BDO Unibank, which climbed by 1.98 percent and 2.75 percent, respectively, to P720 and P115.80.