PSEi extends rally as ICTSI surge lifts market
MANILA, Philippines – Philippine shares rose for a third straight session on Wednesday, with gains in port operator International Container Terminal Services Inc. (ICTSI) helping offset broader market weakness amid lingering concerns over tensions between the United States and Iran.
The benchmark Philippine Stock Exchange Index (PSEi) climbed 0.68 percent or 40.48 points, to close at 5,953.17.
READ: Trump says Iran talks moving fast despite threat to widen war
The market’s advance was driven largely by ICTSI, the index’s heaviest-weighted stock, which jumped 5.42 percent to P875 per share.
Despite the gain in the benchmark index, market breadth remained negative.
Data from Philstocks showed that only seven PSEi constituents ended higher, while the broader All Shares Index saw 75 advancers against 103 decliners.
The mixed performance reflected investors’ continued caution as geopolitical uncertainties in the Middle East persisted.
Luis Limlingan, head of sales at Regina Capital Development Corp., also said the Philippine market ended in the green, extending its advance for a third straight session as buying pressure continued to persist.
“Gains were largely driven by bargain hunting and follow-through demand after recent weakness. The local market also tracked positive regional cues, as improved risk appetite supported buying interest across Asian equities,” Limlingan added.
Trading activity, however, remained relatively robust. Net value turnover reached P7.59 billion, while foreign investors returned as net buyers with inflows amounting to P53.01 million.
Cautious optimism
Sectoral performance was likewise uneven.
The services index was the lone gainer among sector gauges, advancing 3.74 percent on the back of ICTSI’s strong showing. All other sectors ended in negative territory, with industrials posting the steepest decline at 1.18 percent.
Wednesday’s finish marked the local bourse’s third consecutive day of gains, allowing the PSEi to edge closer to the 6,000 level after recently touching multi-month lows.
Still, analysts noted that the rally remained concentrated in a handful of large-cap stocks, suggesting that broader investor sentiment has yet to fully recover amid external risks and uncertainty over global market conditions. /pai INQ
