PSEi firms up as oil prices pull back
Local stocks extended their gains on Monday as investors continued to pick up bargains, while lower global oil prices helped support sentiment.
The benchmark Philippine Stock Exchange Index (PSEi) rose 0.26 percent, or 15.2 points, to close at 5,797.90, just below the 5,800 resistance level.
Philstocks Financial Inc. attributed the advance to continued bargain hunting.
The brokerage said declining global oil prices following US President Donald Trump’s waiving of new sanctions against Russia also helped lift the market.
Despite the gains, investors remained cautious. Net value turnover reached P4.63 billion.
“Despite the climb, the market was unable to get past the 5,800 resistance line,” Philstocks said.
Luis Limlingan, head of sales at Regina Capital Development Corp., said investors positioned themselves ahead of the anticipated Mynt Inc. listing on Tuesday.
“Market sentiment was further supported by a correction in crude oil prices, easing some concerns over inflationary pressures,” Limlingan said.
“However, investors remained cautious ahead of the Bangko Sentral ng Pilipinas’ interest rate decision on Thursday, with the outcome expected to provide further guidance on the monetary policy outlook,” he added.
Conglomerates led the sub-indices, gaining 1.08 percent.
Services, meanwhile, posted the weakest performance, falling 0.42 percent.
Among index stocks, PLDT Inc. emerged as the top gainer, climbing 4 percent.
RL Commercial REIT Inc. was the biggest decliner, shedding 5.93 percent.
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