Stocks inch up on bargain hunting

MANILA, Philippines — The local stock market opened the week slightly higher as investors shopped for bargains following the Holy Week break.

The benchmark Philippine Stock Exchange index inched up by 0.06 percent or 3.38 points to finish yesterday’s session at 6,138.

However, the broader All Shares index ended in the negative territory, slipping by 0.32 percent or 11.68 points to 3,645.31.

“Appreciation of corporate fundamentals and hopes that the local economy will weather the storm caused by the US’ tariff policies helped the market in its climb,” Philstocks Research said in its report.

It said that hopes of further monetary policy easing by the Bangko Sentral ng Pilipinas also gave the market support.

Philstocks Research, however, said that trading was anemic with net value turnover at P3.82 billion, “reflecting the weak confidence amid lingering uncertainties.”

Those in the red dominated the sectoral gauges, with the property index posting the biggest decline at 0.91 percent, while the mining and oil index recorded the largest increase at 3.16 percent.

Decliners edged out advancers, 109 to 93, while 51 issues were unchanged.

BDO Unibank was yesterday’s top traded stock, rising by 1.37 percent to P163.20 per share, followed by Ayala Land with a 1.05-percent increase to P23.95.