PSEi extends upswing on bargain hunting
Local stocks stretched their winning run on Monday on sustained buying of shares of index heavyweight International Container Terminal Services Inc. (ICTSI).
As bargain hunting lifted investor sentiment, the benchmark Philippine Stock Exchange Index (PSEi) climbed 0.18 percent, or 11.61 points, to close at 6,415.72.
Philstocks Financial Inc. research manager Japhet Tantiangco said the market was driven mainly by continued buying in ICTSI, while expectations of satisfactory corporate results encouraged investors to accumulate shares.
However, gains were pared in the second half of the session as investors turned cautious over the ongoing US-Iran conflict and its potential impact on global oil prices.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the local bourse sustained its position above the 6,400 level on investor optimism ahead of the second-quarter corporate earnings season.
“Gains came despite headwinds from rising oil prices and lingering geopolitical tensions, which prompted some profit-taking and tempered the market’s advance. Nevertheless, investors remained selectively optimistic, keeping the benchmark index in positive territory,” Limlingan said.
Trading activity remained subdued, with net value turnover reaching only P5.97 billion, indicating that many investors were still staying on the sidelines.
Foreign investors provided support to the market, ending the session as net buyers with net inflows of P640.4 million.
Sectoral performance was mixed. Mining and oil posted the biggest gain, rising 3.86 percent, while property stocks led the losers after slipping 1.46 percent.
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