PSEi holds above 6,000
Local stocks eked out a modest gain on Tuesday as cautious optimism over geopolitical developments lifted sentiment, though gains were trimmed by risk aversion.
The benchmark Philippine Stock Exchange Index (PSEi) inched up 0.04 percent or 2.67 points, to close at 6,018.70.
Luis Limlingan said the Philippine market finished nearly unchanged as investors stayed cautious.
“Sentiment was stable as the market looked for updates on the unclear status of peace talks, which continued to limit risk appetite. In addition, market participants are still looking to remain in a wait-and-see stance ahead of the Bangko Sentral ng Pilipinas’ upcoming interest rate decision,” Limlingan said.
Philstocks financial manager Japhet Tantiangco said the market stayed in positive territory on hopes that the United States and Iran could still reach an agreement before a ceasefire lapses.
However, Tantiangco noted that investors remained wary of lingering uncertainties, capping the advance.
Trading activity was moderate, with net value turnover at P6.64 billion.
Foreign investors continued to exit, posting net outflows of P311.95 million.
Sectoral performance was mixed. Conglomerates led the gains, climbing 1.04 percent, while services stocks dragged the market, falling 1.35 percent.
Market breadth was slightly positive, with advancers outpacing decliners, 106 to 90.
Among index members, JG Summit Holdings Inc. emerged as the top gainer, surging 5.95 percent to P28.50.
On the other hand, Ayala Land Inc. was the biggest laggard, declining 2.12 percent to P16.60.
