PSEi edges higher despite cautious sentiment

MANILA, Philippines — The local stock market edged higher yesterday despite investors staying cautious.

The benchmark Philippine Stock Exchange index rose for a second straight session, improving by 0.04 percent or 2.67 points to 6,018.70.

The broader All Shares index also inched up by 0.15 percent or 5.09 points to end at 3,387.53. “The local market closed in the positive territory on hopes that the US and Iran would still be able to reach an agreement before their ceasefire expires,” Philstocks Financial research manager Japhet Tantiangco said.

However, Tantiangco said gains were noticeably trimmed as some investors took the cautious path amid the lingering risks concerning the situation between the two countries.

Local sectors were mixed, with those in the green having the slight advantage. Holding firms posted the highest jump at 1.04 percent, while services took the biggest hit with a 1.35-percent drop.

Total turnover value declined slightly to P6.91 billion from the previous day’s P7.17 billion.

Advancers overpowered decliners, 106 to 90, while 76 issues were unchanged.

ICTSI stayed as the most actively traded stock, shedding 2.10 percent to P700 per share. It was followed by BDO Unibank, which climbed by 1.6 percent to P120.50 and Ayala Land, which plunged by 2.12 percent to P16.60.

Global stocks rose on lingering hopes for a deal to end the US-Iran war and reopen the Strait of Hor muz, even as Tehran said it has not decided whether to attend peace talks.