PSEi holds above 6,000 as caution caps advance
MANILA, Philippines — The benchmark Philippine Stock Exchange Index (PSEi) eked out a modest gain on Tuesday as cautious optimism over geopolitical developments lifted sentiment. Still, risk aversion trimmed gains.
The benchmark index inched up 0.04 percent or 2.67 points to close at 6,018.7.
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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,” Limlingan said.
“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,” he added.
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.
Lingering uncertainties
However, Tantiangco noted that investors remained wary of lingering uncertainties, capping the advance.
Trading activity was moderate with net value turnover pegged at P6.64 billion.
Foreign investors continued to exit, posting net outflows of P311.95 million.
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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 outnumbering 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.
Analysts said the market’s muted movement reflects a wait-and-see stance as investors monitor geopolitical developments and their potential impact on inflation and global growth.
Despite holding above the 6,000 level, sentiment remains fragile, with cautious positioning likely to persist until clearer signals emerge. INQ
