The local stock barometer edged higher for the second straight session on Wednesday as investors picked up selected large-cap stocks.
The main-share Philippine Stock Exchange index (PSEi) added 18.61 points, or 0.24 percent, to close at 7,766.15. Elsewhere in the region, trading was mostly sluggish on global growth jitters.
UK Prime Minister Theresa May has lost voting at the Parliament on her second Brexit proposal.
“The PSEi continues to trade sideways ahead of yet another make-or-break parliamentary vote on Brexit. Trading volumes are thinner today than they have been since the beginning of the week, with [average] trading value at P4.67 billion excluding block sales,” Eagle Equities head of research Christopher Mangun said.
“The range wherein it trades continues to tighten with immediate support now at 7,700. Blue chips have seen heavy price movements, which may be an effect of foreign money leaving the market,” he said.
At the local market, the main index was shored up by the financial, industrial and property counters.
On the other hand, the holding firm, services and mining/oil counters slipped.
Value turnover was thin at P5.14 billion.
Domestic investors mostly supported the PSEi while foreign investors were net sellers to the tune of P110.5 million.
Despite the PSEi’s slight gain, market breadth was negative. There were 101 decliners that edged out 82 advancers while 60 stocks were unchanged.
The PSEi was supported by Metrobank, which gained 3.82 percent, while SM Prime and URC both added more than 2.5 percent.
AEV, Aboitiz Power and PLDT all added over 1 percent while LTG also firmed up.
On the other hand, the PSEi’s rise was tempered by the 2.77-percent decline of JG Summit while SM Investments and Globe Telecom both lost more than 1 percent.
Ayala Land, Ayala Corp., San Miguel, BDO, ICTSI, Jollibee and AGI all dipped.