PSEi manages small gain on bargain hunting

MANILA, Philippines — Investors continued with their bargain hunting activities supported by optimism around the positive 2024 earnings results of most listed companies, allowing the local stock market to post marginal gains for a second consecutive session.

The bellwether Philippine Stock Exchange index (PSEi) improved by 0.12 percent or 7.59 points, closing yesterday at 6,145.59.

The broader All Shares index followed suit, inching up by 0.19 percent or 6.83 points to settle at 3,652.14.

“The PSEi slightly corrected higher for the second straight trading day, up for the seventh day in eight trading days, after mostly better corporate sales and earnings reports recently that could support market valuations,” RCBC chief economist Michael Ricafort said.

Net value turnover improved to P4.31 billion from the previous day’s P3.82 billion.

Foreigners were net seller with net outflows at P38.76 million.

All counters finished in the positive territory except for financials, which declined by 0.21 percent. Mining and oil led the charge with a 1.82-percent surge, followed by property, which jumped by 0.84 percent.

Market breadth was positive as advancers edged out decliners, 95 to 83, while 52 issues did not change.

DigiPlus was yesterday’s most actively traded stock, climbing by 2.56 percent to P36 per share, followed by BDO Unibank with a 0.12-percent decline to P163 and Meralco with a 1.14-percent gain to P574.50.

Equities fluctuated yesterday as US President Donald Trump’s latest salvo against Federal Reserve chair Jerome Powell added fuel to fears about the central bank’s independence.