Market extends gains to 4th day

MANILA, Philippines — The stock market extended its winning streak to four yesterday, but gains were minimal due to lack of catalysts.

The Philippine Stock Exchange index settled at 6,574.88, up slightly by 0.03 percent or 2.13 points.

The broader All Shares index likewise inched up by 0.13 percent or 4.51 points to end at 3,467.97.

Luis Limlingan of Reginal Capital said shares consolidated as investors awaited more leads before testing the 6,600 psychological resistance.

“Sentiment was supported overseas as Wall Street logged its second consecutive winning streak as investors applauded the so far, so good earnings results of US-listed companies,” he said.

Philstocks Financial research and engagement officer Mikhail Plopenio said investors are looking forward for more first quarter 2024 earnings results as initial reports from the banking space were positive.

“Additionally, the narrowing of the country’s budget deficit last March was cheered,” he said.

However, Plopenio said many seem to have stayed on the sidelines amid the lack of positive catalysts.

As a result, he said net market value turnover was tepid at P3.28 billion on Thursday, lower than the year-to-date average of P5.06 billion.

Local sectors were mostly in the green, led by mining and oil, which surged by 2.74 percent.

Property and services were in the red, declining by 0.61 percent and 0.19 percent, respectively.

Market breadth stayed positive as advancers pummeled decliners, 104 to 83, while 50 issues were unchanged.

ACEN climbed the highest among index members with a 7.6-percent increase, while Bloomberry had the largest decline at 3.54 percent.