Stocks claw back from six-day losses

Manila, Philippines – Philippine stocks regained some footing at the week’s end, but the bargain hunting-driven momentum was not strong enough to allow the main index to recover losses from a six-day drag.

The Philippine Stock Exchange index (PSEi) settled at 6,306.13 at the close of trade, up by 0.85 percent.

“The local market snapped its 6-day decline as investors hunted for bargains from the battered stocks,” PhilStocks Financial said in a note.

Total shares that changed hands were valued at P5.35 billion, below the year-to-date average of P5.84 billion, signaling a lethargic session.

The brokerage company said the day’s outcome reflected “the weak market confidence amid lingering uncertainties, primarily on global trade.”

US President Donald Trump’s ultimatum for America’s trading partners to negotiate a pact expired on Thursday midnight, with little tariff adjustments for Southeast Asian nations, including the Philippines. The 19 percent tariff on the Philippines takes effect on Aug. 7.

Foreigners were net sellers with net outflows at P54.30 million.

All counters, save for mining shares, ended in the green. Miners and oil companies shed nearly half a percentage point.

The conglomerates gained the most, adding 1.38 percent.

JG Summit Holdings, Inc. was the top index gainer, jumping 5.24 percent to P22.10 per share. Converge ICT Solutions, Inc. was among the biggest losers, shedding 4.36 percent to close trade at P17.10 apiece.