PSEi edges up as late bargain hunting offsets weak sentiment
MANILA, Philippines – Local stocks ended barely higher on Friday as last-minute bargain hunting lifted the market, although investors largely stayed on the sidelines amid lingering concerns over the domestic economic outlook.
The benchmark Philippine Stock Exchange Index (PSEi) inched up by 0.02 percent, or 1.18 points, to close at 6,072.24.
READ: S&P cuts PH growth outlook to 4.1%
Luis Limlingan, head of sales at Regina Capital Development Corp., said the PSEi ended nearly unchanged for the week as investors waited for fresh catalysts to provide market direction.
“Trading remained cautious and thin as participants assessing the global AI sector sell-off alongside domestic economic developments. Market sentiment stayed mixed as investors tracked corporate updates and key macroeconomic indicators,” Limlingan said.
Brokerage Philstocks Financial Inc. also said bargain hunting in the final minutes of trading helped push the local bourse into positive territory after spending much of the session moving sideways.
Despite the marginal gain, market participation remained weak. Net value turnover stood at only P5.21 billion, reflecting subdued trading activity as investors remained cautious toward equities.
Dampened sentiment
The brokerage said the lackluster sentiment stemmed partly from tepid prospects for the local economy, which kept many market participants on the sidelines.
Foreign investors also remained in selling mode, ending the session with net outflows of P481.57 million.
READ: ANZ: BSP’s inflation fight threatens growth outlook
Sectoral performance was mixed, with the financials index posting the strongest gain after banks climbed 1.06 percent.
Mining and oil stocks, meanwhile, suffered the biggest decline among sector gauges, falling 2.78 percent.
Among index members, GT Capital Holdings Inc. emerged as the session’s top performer, jumping 4.30 percent to P499.60 per share.
On the other hand, DigiPlus Interactive Corp. was the benchmark index’s biggest loser after shedding 5.34 percent to close at P12.40 apiece.
Analysts said the PSEi’s muted finish extended the market’s struggle to sustain a meaningful rebound, with thin trading volumes and continued foreign selling highlighting investors’ cautious stance as they assess the country’s economic prospects and the outlook for corporate earnings. /pai INQ
