PSEi picks up modest gains

MANILA, Philippines — The local stock market edged higher despite investors opting to stay mostly on the sidelines amid prevailing uncertainties in the Middle East.

The bellwether Philippine Stock Exchange index capped off the session slightly higher by 0.34 percent or 0.34 points to 6,063.69.

The broader All Shares index also inched up by 0.06 percent or 1.93 points, finishing at 3,398.81.

Luis Limlingan of Regina Capital said the Philippine market ended relatively flat as investors remained cautious.

“Sentiment held steady as the market await for developments on another possible peace talks in the Middle East, keeping risk appetite in check. Despite this, selective buying in key stocks helped keep the market afloat,” Limlingan said.

AB Capital Securities, for its part, said the index traded choppy within the 6,045 to 6,100 range before closing flat, “as investors stayed cautious awaiting clarity on US-Iran ceasefire developments.”

AB Capital said regional markets were similarly volatile.

Sectoral gauges were a mixed bag, with industrial leading those in the green with a 0.99 percent increase, while services took the biggest drop at 1.79 percent.

Total value turnover thinned to P7.8 billion from the previous day’s P8.16 billion.

Market breadth was negative as decliners overpowered advancers, 100 to 91, while 64 issues were unchanged.

ICTSI remained the session’s top traded stock, plunging by 2.72 percent to P715 per share. It was followed by BDO Unibank and Jollibee which jumped by 0.68 percent and 2.81 percent, respectively, to P118.60 and P164.50.