PSEi inches higher on bargain hunting

MANILA, Philippines — Local stocks edged higher on Tuesday as late bargain hunting offset most of the session’s losses amid renewed Middle East uncertainty.

The benchmark Philippine Stock Exchange Index (PSEi) inched up 0.05 percent, or 2.90 points, to close at 6,264.70.

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Philstocks Financial Inc. research manager Japhet Tantiangco said market traded lower for most of the session as investors weighed geopolitical risks after the US-Iran ceasefire ended without an extension.

Bargain hunters stepped in during the final minutes of trading, allowing the PSEi to reverse its losses and finish slightly higher.

Luis Limlingan, head of sales at Regina Capital Development Corp., said trading remained cautious for most of the session amid news of weaker remittance growth and softer Wall Street performance.

“However, late buying in select index heavyweights helped lift the market into positive territory,” Limlingan said.

Sluggish trading

Trading activity remained tepid. Net value turnover stood at P5.69 billion.

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Foreign investors also remained cautious, ending the session as net sellers with net outflows of P403.64 million.

Mining and oil stocks led sectoral gains, rising 1.58 percent. Holding firms, meanwhile, posted the steepest decline after slipping 0.18 percent.

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Among index members, property giant Ayala Land Inc. was the session’s top performer. Its shares climbed 2.90 percent to P15.62 each.

Fast-food giant Jollibee Foods Corp. was the biggest index laggard, falling 2.82 percent to P155 per share.

READ: PSEi seen to languish at 6,000 level

Analysts said the muted finish reflected lingering caution among investors as they assessed developments in the Middle East, while the relatively thin turnover suggested that many market participants remained on the sidelines.

Still, late-session bargain hunting provided enough support for the local bourse to snap back from its intraday weakness and close marginally in positive territory. /pai