PSEi holds 6,000 level as investors track US-Iran talks
Local stocks inched higher on Friday, with the benchmark index holding above the 6,000 level as investors tracked global cues while remaining wary of lingering geopolitical risks.
The Philippine Stock Exchange Index (PSEi) rose by 0.14 percent or 8.30 points, to close at 6,098.21.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the Philippine market closed relatively flat, as investor confidence remained fragile amid lingering uncertainty over the United States-Iran ceasefire.
“Participants staying on short positions while monitoring geopolitical developments and inflation risks. Meanwhile, the peso’s depreciation further dampened sentiment, keeping overall market activity cautious,” Limlingan said.
Philstocks financial research manager Japhet Tantiangco said the local market took its cue from Wall Street’s overnight gains, buoyed by hopes of positive developments in the ongoing negotiations between the US and Iran set in Islamabad, Pakistan.
Ron Acoba, chief investment strategist at Trading Edge Consultancy, said investors remain largely cautious as WTI crude is up again by roughly 2 percent to above $100 amid US-Iran ceasefire uncertainty.
Back home, despite the modest advance, market breadth pointed to caution.
Decliners slightly outnumbered advancers, 102 to 100, signaling that many investors stayed on the sidelines amid uncertainty tied to the geopolitical situation.
Trading activity was muted, with net value turnover reaching P6.48 billion.
Foreign investors provided limited support, posting net inflows of P1.51 million.
Sectoral performance was mixed. Services led the gainers, climbing 1.97 percent, while the property sector posted the steepest decline, shedding 1.41 percent.
Among index heavyweights, Metropolitan Bank and Trust Company was the top performer, jumping 4.50 percent to P67.30.
In contrast, Century Pacific Food Inc. was the biggest laggard, falling 3.30 percent to P32.20.
Analysts said the mixed showing suggests that while the index managed to stay afloat above 6,000, sentiment remains fragile as investors weigh external developments, particularly the evolving situation in the Middle East and its potential impact on global markets.
