PSEi firms up despite inflation woes
Local stocks inched up on Tuesday as bargain hunting lifted the market late in the session, offsetting cautious sentiment following higher-than-expected inflation.
The benchmark Philippine Stock Exchange Index (PSEi) rose 0.16 percent or 9.54 points, to close at 5,957.87.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said local shares edged higher as the PSEi rebounded on bargain hunting following the previous session’s decline.
“Gains came despite a higher-than-expected inflation print, as investors cautiously accumulated positions. Sentiment remained fragile amid renewed tensions in Iran that could prolong the oil crisis and further elevate inflation risks,” Limlingan added.
Philstocks financial research manager Japhet Tantiangco said the local bourse traded sideways for most of the day as investors digested March inflation, which came in at 4.1 percent—above the government’s 2 to 4 percent target band.
Tantiangco said this kept market participants on edge over the outlook for monetary policy. Despite this, selective buying helped push the index into positive territory by the close.
Trading remained subdued, with net value turnover at P5.21 billion, as many investors stayed on the sidelines amid lingering uncertainties tied to the ongoing conflict in the Middle East.
Foreign investors continued to exit the market, registering net outflows of P992.33 million.
Sectoral performance was mixed. Mining and oil stocks led the gains, climbing 1.85 percent, while the property counter declined 0.33 percent.
Market breadth was positive, with advancers outpacing decliners, 120 to 76.
Among index heavyweights, DigiPlus Interactive Corp. emerged as the top performer, surging 5.44 percent to P15.88.
On the other hand, Century Pacific Food Inc. was the worst performer, dropping 3.45 percent to P32.20.
