PSEi notches higher on last-minute buying

MANILA, Philippines — The local stock market eked out a win yesterday amid some last-minute buying from investors.

The benchmark Philippine Stock Exchange index inched up by 0.05 percent or 2.9 points to close at 6,264.70.

The broader All Shares index also finished in the positive territory, increasing by 0.23 percent or 7.95 points to 3,440.82.

Philstocks Financial said the local market was down for the most part of the day, weighed by uncertainties in the Middle East as the ceasefire agreement between the United States and Iran ended without an agreed upon extension.

It said investors hunted for bargains on the last minute, bringing the market to a positive close.

“After testing support near 6,200, buyers stepped in to absorb selling pressure sparked by Wall Street’s overnight weakness and broader risk-off sentiment,” First Metro Securities said.

Total turnover value improved to P5.8 billion from the previous day’s P4.59 billion.

First Metro, however, said foreign investors remained on the sidelines, posting net outflows of P403.63 million as global macro and geopolitical uncertainties continued to weigh on sentiment.

Sectors were mixed, with those in the green with the slight advantage. Mining and oil led the charge with a 1.58-percent jump, while holding firms lost the most, declining by 0.18 percent.

Decliners edged out advancers in a close contest, 102 to 100, while 53 issues did not change hands.

ICTSI reclaimed its spot as the top traded stock, slipping by 0.05 percent to P962.50 per share. It was followed by SM Investments, which fell by 1.86 percent to P580, and Atlas Mining, which surged by 11.25 percent to P17.80.

First Gen and First Philippine Holdings rebounded from Monday’s losses, climbing by 10.66 percent and 12.75 percent to P30.10 and P115, respectively.