Market ends with gains ahead of BSP meeting

MANILA, Philippines — The stock market posted minimal gains to climb for a second straight session on sustained bargain hunting.

The Philippine Stock Exchange index inched up by 0.06 percent or 4.11 points to end the session at 6,608.36.

The broader All Shares index settled at 3,511.91, up by 0.12 percent or 4.15 points.

“Philippine shares ended Tuesday’s trading session in the green as investors looked ahead into the MSCI rebalancing announcement and anticipated key US inflation reports,” Luis Limlingan of Regina Capital said.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said markets would take cue from the upcoming monetary policy-setting meeting of the Bangko Sentral ng Pilipinas (BSP) on Thursday and the latest signals from local authorities on possible rate cuts later this year or next year.

Philstocks Financial research and engagement officer Mikhail Plopenio said the local market advanced as investors hunted for bargains.

“Investors maintained a cautious stance, however, while waiting for the BSP’s policy decision later this week leading to a struggle for the market to find direction. The digestion of the first quarter 2024 corporate earnings helped in bringing the local market to a positive close,” he said.

Plopenio said net market value turnover was tepid at P4.71 billion, lower than the year-to-date average of P4.96 billion.

The sectoral gauges were a mixed bag, with property leading the charge with a 0.97-percent increase. Services, on the other hand, posted the biggest drop with 0.92 percent.