Stocks survive late-session profit taking

MANILA, Philippines — The local stock market showed resilience to kick off the week on a high note, surviving a late-session profit taking and maintaining its hold above the 6,400 level despite lingering geopolitical tensions.

The bellwether Philippine Stock Exchange index (PSEi) extended its winning streak to four, advancing by 0.18 percent or 11.61 percent to end yesterday’s session at 6,415.72.

The broader All Shares index also improved by 0.19 percent or 6.62 points to close at 3,450.69.

First Metro Securities said the main gauge managed to stay in positive territory after a wave of late-session profit taking erased most of the day’s gains.

“Sentiment across the region turned more cautious as investors weighed escalating Middle East tensions alongside renewed weakness in Wall Street’s technology sector,” it said.

First Metro Securities said offshore investors continued to provide support, accounting for 56.24 percent of total activity and ending the session with a solid net foreign buying position of P640.45 million.

Total turnover value stood at P6.75 billion.

Luis Limlingan of Regina Capital, for his part, said the local bourse sustained its position above the 6,400 level as optimism ahead of the second quarter corporate earnings season supported investor sentiment.

Limlingan said gains came despite headwinds from rising oil prices and lingering geopolitical tensions, which prompted some profit taking and tempered the market’s advance.

“Nevertheless, investors remained selectively optimistic, keeping the benchmark index in positive territory,” he said.

Sectors were mixed, with those in red having a slight advantage. The property index lost the most with a 1.46-percent drop, while mining and oil posted the largest increase at 3.86 percent.

Advancers edged out decliners, 98 to 92, while 77 issues were unchanged.

ICTSI was the session’s top traded stock, climbing by 2.91 percent to P1,027 per share. It was followed by SM Investments, which added 0.17 percent to P598 and Ayala Land, which declined by 0.24 percent to P16.96.