The PSEi surged by over 100 points, maintaining bullish momentum indicators.
The positive showing was lifted by large caps such as Globe Telecom, International Container Terminal Services, Bank of the Philippine Islands, Ayala Land, and Ayala Corp, while top traded stock BDO Unibank saw a modest drop.
COL Financial Group chief equity strategist April Lynn Tan noted that the strong recovery signaled continued bullish sentiment but cautioned investors to stay vigilant due to the risks of a US recession and challenging economic conditions in the Philippines.
She mentioned that although recent rate cuts are a positive sign for liquidity entering the markets, they come with a lag effect.
“Investors should manage risks and have enough exposure in the market, but not too heavy,” she told InsiderPH.
Data from the stock exchange showed about P6 billion worth of stocks changing hands, with net foreign selling finishing at P463.82 million on Tuesday.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
