PSEi closes nearly flat amid thin holiday trading

MANILA, Philippines — The Philippine Stock Exchange index (PSEi) closed nearly unchanged on Tuesday as cautious trading ahead of the holidays kept market activity muted. Last-minute bargain hunting lifted the benchmark index off intraday lows.

The PSEi finished almost flat at 6,041.91, after spending most of the session in negative territory. Investors booked gains to shield themselves from lingering uncertainties and potential adverse developments during the holiday period, according to Philstocks Research.

READ: US stocks push higher while gold, silver notch fresh records

Late-session buying helped temper losses, allowing the market to end the day little changed. 

Trading remained anemic, with net value turnover reaching only P4.43 billion. This reflected subdued investor confidence.

Foreign investors were net buyers during the session, posting net inflows of P107.99 million. This offered some support to the market despite overall cautious sentiment.

Sectoral performance was mixed, with mining and oil stocks leading the market, rising 1.95 percent. In contrast, the services sector lagged, dropping 1.11 percent. 

READ: PH mining sector urged to reinvent as climate risks intensify

Market breadth was slightly negative as decliners edged advancers 107 to 88.

Among index stocks, JG Summit Holdings Inc. emerged as the session’s top gainer, climbing 3.07 percent to P23.50. 

Meanwhile, DigiPlus Interactive Corp. was the biggest drag on the benchmark, sliding 4.67 percent to P16.34.

Analysts said the PSEi’s flat finish underscored investors’ preference to stay on the sidelines as the year draws to a close. Trading activity is expected to remain light amid the holiday lull. INQ