PSEi rebounds 0.76% on bargain hunting

Philippine stocks rebounded by 0.76 percent to close at 6,242.07 on Thursday, driven by bargain hunting after a two-day slump.

The US consumer price index eased by 0.2 percent, lowering annual inflation to 2.8 percent, which calmed anxious investors.

The broader All Shares Index also gained 0.53 percent, closing at 3,701.4.

Foreign investors recorded net purchases of P436.1 million.

RCBC chief economist Michael Ricafort stated that the PSEi resumed gains as recent political noises proved manageable.

Despite the overall market gain, property firms, including top-traded Ayala Land Inc., closed lower.

However, markets may remain in a wait-and-see mode due to potential future political noises.