PSEi rises on hopes of oil supply boost

Philippine stocks inched higher on Wednesday as investors bet that global policymakers could step in to stabilize oil supply disrupted by tensions in the Middle East.

The benchmark Philippine Stock Exchange Index (PSEi) climbed 0.52 percent or 31.67 points to close at 6,158.33.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi ended higher as the market extended its recovery. Investors took advantage of bargain prices following recent declines while sentiment slightly improved after a mixed finish on Wall Street.

“Despite the gains, buying remained selective and cautious as lingering global uncertainties continued to keep overall market sentiment guarded,” Limlingan said.

Philstocks financial research manager Japhet Tantiangco said sentiment improved on expectations that member countries of the International Energy Agency may release emergency reserves to help cushion the impact of supply disruptions caused by the ongoing conflict in the Middle East.

Trading activity remained active, with net value turnover reaching P6.64 billion.

Despite the market’s advance, foreign investors were net sellers, posting net outflows of P219.41 million.

Mining and oil stocks led the gains, climbing by 4.66 percent. Conglomerates lagged, slipping by 0.79 percent.

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Market breadth remained positive as advancers outnumbered decliners, 131 to 66.

DigiPlus Interactive Corp. emerged as the day’s top performer, jumping 7.62 percent to P19.20.

On the other hand, Emperador Inc. was the worst-performing index stock, falling 2.61 percent to P14.92.