Bargain hunting boosts PSEi past 6,000

Philippine stocks edged higher on Monday as bargain hunting lifted the market after last week’s losses, although investors stayed wary of global tensions.

The benchmark Philippine Stock Exchange Index (PSEi) rose 0.28 percent or 16.9 points to close at 6,016.03.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said sentiment stayed cautious after Iran threatened retaliation over the United States seizure of a cargo ship. Tehran’s participation in peace talks in Pakistan is still unconfirmed.

Philstocks Financial research manager Japhet Tantiangco said the local bourse rebounded as investors picked up beaten-down shares. Still, overall sentiment remained cautious.

Tantiangco said participants continued to monitor developments between the US and Iran, keeping risk appetite in check.

Trading activity was subdued, with net value turnover at P5.42 billion, reflecting limited conviction among investors.

Foreign investors remained on the sidelines, ending the session as net sellers with outflows amounting to P446.83 million.

Sectoral performance was mixed, with conglomerates leading the gains, climbing 0.87 percent.

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On the other hand, industrials posted the biggest decline, shedding 0.34 percent.

Market breadth was slightly negative, as decliners edged out advancers, 105 to 101.

Universal Robina Corp. emerged as the top gainer, rising 2.46 percent to P62.50.

Monde Nissin Corp. was the worst performer, falling 2.18 percent to P6.74.