Share prices ended higher for the second day on Tuesday, tracking overseas leads. Easing tension in the US trade war helped Wall Street advance overnight.
“Gains for the day are attributed to the positive cues from Wall Street, the peso’s improving position, and appreciation of corporate fundamentals,” online stock trading platform Philstocks Financial Inc. said.
In a market recap, Philstocks Financial said the market “still moved sideways within the day, at times visiting negative territory.”
This caused the Philippine Stock Exchange index (PSEi) to rise a slight 0.37 percent or 22.89 points to close at 6,168.48.
The broader All Shares index firmed 6.64 points or 0.18 percent to 3,658.78.
Losers outnumbered gainers 97 to 92, with 56 stocks unchanged. Trading turnover reached P8.17 billion.
“The services led the sectors for the day, adding 2.89 percent. The miners were at the bottom, cutting 2.55 percent,” Philstocks said.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the benchmark index benefited from the more than 2 percent rebound in the Dow Jones Industrial Average, more than 1,000 points, over the optimism of a “US-China trade de-escalation,” as announced by US Treasury Secretary Scott Bessent overnight.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., noted that Bessent, however, cautioned that a larger deal between the top two world economies could take longer, potentially in two to three years.
Ricafort also said that US President Donald Trump was saying that the tariffs on China would be substantially reduced from the current 145 percent level.
Most actively traded International Container Terminal Services Inc. gained P1.4 to P353. BDO Unibank Inc. shed P2 to P161. Ayala Land Inc. inched up P0.20 to P24.60. Bank of the Philippine Islands shed P1 to P134. DigiPlus Interactive Corp. rose P2.05 to P22.35. Jollibee Foods Corp. lost P6.20 to P220.20. Converge ICT Solutions Inc. added P0.42 to P19.42. ACEN Corp. slipped P0.22 to P2.58. SM Investments Corp. dropped P4.50 to P815.
