Stocks post slight gains as investors remain cautious

MANILA, Philippines — The local stock market posted slight gains yesterday after investors decided to err on the side of caution.

The benchmark Philippine Stock Exchange index (PSEi) inched up by 0.04 percent or 2.69 points to end at 6,252.19.

The broader All Shares index also ended in the positive territory, picking up by 0.14 percent or 5.14 points to settle at 3,686.23.

“The local market moved sideways as investors traded cautiously amid lingering uncertainties caused by the US ignited global trade frictions,” Philstocks Research said in a report.

RCBC chief economist Michael Ricafort said the PSEi also slightly improved after US stock markets mostly gained for the fifth straight trading day, near one-month highs.

Trading, however, remained tepid with net value turnover at P4.52 billion, down from the previous day’s P5.14 billion.

Sectoral gauges were a mixed bag, with industrial posting the biggest increase at 1.77 percent, while services incurred the largest loss at 1.65 percent.

Market breadth was positive as advancers crushed decliners, 92 to 77, while 66 issues were unchanged.

URC was yesterday’s most actively traded stock, soaring by 5.22 percent to P84.70 per share, followed by BDO Unibank which climbed by 3.34 percent to P160.70 and ICTSI which fell by 2.78 percent to P350.

Markets rose yesterday following news that US President Donald Trump is set to ease tariff impact on US carmakers.

A month that started with the explosion of Washington’s “Liberation Day” tariffs on April 2 was on course for a more positive close as governments line up to cut deals to avert the full force of the measures.