PSEi extends rally on ICTSI surge

Philippine shares rose for a third straight session on Wednesday, with gains in port operator International Container Terminal Services Inc. (ICTSI) helping offset broader market weakness amid lingering concerns over tensions between the United States and Iran.

The benchmark Philippine Stock Exchange Index (PSEi) climbed 0.68 percent or 40.48 points to close at 5,953.17.

The market’s advance was driven largely by ICTSI, the index’s heaviest-weighted stock, which jumped 5.42 percent to P875 per share.

Despite the gain in the benchmark index, market breadth remained negative.

Data from Philstocks Financial showed that only seven PSEi constituents ended higher, while the broader All Shares Index saw 75 advancers against 103 decliners.

The mixed performance reflected investors’ continued caution as geopolitical uncertainties in the Middle East persisted.

Luis Limlingan, head of sales at Regina Capital Development Corp., said gains were largely driven by bargain hunting and follow-through demand after recent weakness.

“The local market also tracked positive regional cues, as improved risk appetite supported buying interest across Asian equities,” Limlingan added.

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Trading activity, however, remained relatively robust. Net value turnover reached P7.59 billion, while foreign investors returned as net buyers with inflows amounting to P53.01 million.

The services index was the lone gainer among sector gauges, advancing 3.74 percent on the back of ICTSI’s strong showing.

All other sectors ended in negative territory, with industrials posting the steepest decline at 1.18 percent.