Share prices closed higher on Tuesday as the market focused on some basic fundamentals and ignored Wall Street’s fall overnight on lingering Trump-related concerns.
The Philippine Stock Exchange index (PSEi) gained 7.59 points or 0.12 percent to close at 6,145.59.
The broader All Shares index inched up by 6.83 points or 0.19 percent to 3,652.14.
Gainers edged out losers 95 to 83, with 52 stocks unchanged. Trading turnover reached P4.84 billion.
“Philippine shares managed to eke out minor gains once again as the market brushed off President Trump’s renewed attacks on Fed Chair Jerome Powell,” Luis Limlingan, managing director at Regina Capital and Development Corp., said.
The Dow Jones Industrial Average on Wall Street overnight dropped by nearly 1,000 points.
Philstocks Financial Inc. said the gain on the Philippine Stock Exchange was driven by investors’ “appreciation of corporate fundamentals.”
“The local market moved sideways for the trading day, however, reflecting investors’ cautiousness amid lingering uncertainties connected to the US’ trade policies and its impact on the global economy,” Philstocks said.
“The miners led the sectors this Tuesday, adding 1.82 percent. The banks were the only losers, cutting 0.21 percent,” Philstocks said.
Most actively traded DigiPlus Interactive Corp. gained P0.90 to P36. BDO Unibank Inc. shed P0.20 to P163. Manila Electric Co. rose P6.50 to P574.50. Ayala Land Inc. added P0.45 to P24.40. SM Prime Holdings Inc. closed up P0.10 to P22. Ayala Corp. shed P7.50 to P549. Jollibee Foods Corp. lost P7.40 to P226.40. International Container Terminal Services Inc. declined by P1 to P339. Bank of the Philippine Islands eased P0.10 to P135. Apex Mining Co. Inc. firmed P0.11 to P7.06.
