Lackluster trading continues sans catalysts
Although trading mostly in the green territory, the local bourse barely moved on Monday as investors remained on the sidelines while waiting for fresh catalysts.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) added 0.06 percent, or 3.38 points, to 6,138.
Meanwhile, the broader All Shares Index shed 0.32 percent, or 11.68 points, to close at 3,645.31.
A total of 1.05 billion shares worth P4.56 billion changed hands, stock exchange data showed.
Foreigners opted to shed their stocks, with outflows totaling P46.86 million.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors were gauging the price action movement of the market following the long trading break, adding that there were no economic indicators to drive significant movement.
At the same time, Philstocks Financial Inc. research head Japhet Tantiangco said the index’s slight gain was due to bargain hunting.
“Appreciation of corporate fundamentals and hopes that the local economy will weather the storm caused by the US’ tariff policies helped the market in its climb,” Tantiangco said.
BDO Unibank Inc. was the top-traded stock as it gained by 1.37 percent to P163.20, followed by Ayala Land Inc., up 1.05 percent to P23.95; SM Prime Holdings Inc., down 3.1 percent to P21.90; Bank of the Philippine Islands, up 2.35 percent to P135.10 after posting higher first-quarter earnings; and Globe Telecom Inc., down 2.41 percent to P2,022 each.
Other actively traded stocks were: International Container Terminal Services Inc., down 0.06 percent to P340; Century Pacific Foods Inc., up 1.55 percent to P36; and Apex Mining Co. Inc., which surged by 10.32 percent to P6.95.
