Stock market extends winning streak

MANILA, Philippines — The local stock market kept its winning streak alive as investors stayed on buying mode, still inspired by the slower June inflation.

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.46 percent or 28.66 points, settling at 6,275.77.

The broader All Shares index likewise advanced by 0.36 percent or 12.29 points to close at 3,405.15.

Luis Limlingan of Regina Capital said the local bourse ended higher as buying momentum persisted, extending its winning streak to a sixth consecutive session.

Limlingan said gains, however, were tempered by escalating Middle East tensions, prompting cautious trading throughout the day.

He said some profit-taking emerged in the afternoon, trimming earlier advances but leaving the index in positive territory at the close.

“PSEi extended its rally for a sixth straight session but failed to test 6,300 as renewed US strikes on Iran lifted oil prices and dampened regional risk sentiment. Still, PSEi outperformed the region solely because of ICTSI,” AB Capital Securities said.

Sectors were mixed, with those in the red having the slight advantage. Services recorded the largest increase at 2.27 percent, while mining and oil lost the most with a 1.42-percent drop.

Total value turnover remained thin at P5.06 billion.

Market breadth was negative, with decliners outnumbering advancers, 98 to 80, while 55 issues were unchanged.

ICTSI was the top traded stock, climbing by 2.15 percent to P950 per share. It was followed by BDO Unibank and SM Investments, which fell by 1.02 percent and 0.83 percent, respectively, to P126.40 and P596.