PSEi firms up on bargain hunting
Local stocks edged higher on Tuesday as last-minute bargain hunting helped the market recoup most of the session’s losses amid renewed uncertainty in the Middle East.
The benchmark Philippine Stock Exchange Index (PSEi) inched up 0.05 percent, or 2.9 points, to close at 6,264.70.
Philstocks Financial Inc. research manager Japhet Tantiangco said the market traded in negative territory for most of the session as investors weighed geopolitical risks following the end of the ceasefire between the United States and Iran without an agreed extension.
Bargain hunters stepped in during the final minutes of trading, allowing the PSEi to reverse its losses and finish slightly higher.
Luis Limlingan, head of sales at Regina Capital Development Corp., said trading remained cautious for most of the session amid news of weaker remittance growth and softer Wall Street performance.
“However, late buying in select index heavyweights helped lift the market into positive territory,” Limlingan said.
Trading activity remained tepid. Net value turnover stood at P5.69 billion.
Foreign investors also remained cautious, ending the session as net sellers with net outflows of P403.64 million.
Mining and oil stocks led sectoral gains, rising 1.58 percent. Holding firms, meanwhile, posted the steepest decline after slipping 0.18 percent.
Among index members, property giant Ayala Land Inc. was the top performer. Its shares climbed 2.9 percent to P15.62 each.
Fast-food giant Jollibee Foods Corp. was the biggest index laggard, falling 2.82 percent to P155 per share.
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