PSEi clears 5,800 amid bargain hunt
Philippine stocks edged higher on Tuesday as bargain hunting pushed the benchmark index above the 5,800 resistance level, while GCash parent Mynt Inc. ended its market debut flat.
The Philippine Stock Exchange Index (PSEi) rose 0.14 percent, or 8.27 points, to close at 5,806.17.
Investors continued to pick up bargain stocks, helping the market finish in positive territory after moving sideways during the session, according to Philstocks Financial Inc.
The gain extended the market’s climb and brought the index past the 5,800 resistance level.
Trading was strong, with net value turnover reaching P8.51 billion.
Luis Limlingan, head of sales at Regina Capital Development Corp., said broader market participation remained limited as investors stayed on the sidelines.
“Overall market sentiment remained cautious as participants awaited further confirmation on the Bangko Sentral ng Pilipinas’ (BSP) upcoming interest rate decision,” Limlingan said.
Sectoral indices were mixed. Holding firms led the gainers, rising 1.46 percent, while mining and oil posted the steepest decline at 2.13 percent.
SM Investments Corp. was the strongest performer among index stocks, climbing 2.4 percent to P555 per share.
PLDT Inc., meanwhile, was the biggest index loser, falling 3.85 percent to P1,250 per share.
Newly listed Mynt, which trades under the ticker “GCASH,” closed at P6.60 per share, unchanged from its initial public offering price.
Toby Allan Arce, head of sales trading at Globalinks Securities and Stocks Inc., said the PSEi’s ability to remain above 5,800 despite headwinds was constructive, but the narrow trading range and repeated shifts between gains and losses showed that investors remained reluctant to commit aggressively ahead of Thursday’s BSP decision.
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