Share prices closed marginally higher on Tuesday despite what observers described as “cautious” trade
The PSEi gained 2.69 points to 6,252.19, firmer by a slight 0.04 percent.
The broader All Shares settled 5.14 points or 0.14 percent higher at 3,686.23.
Gainers outnumbered losers 92 to 77, with 66 stocks unchanged. Trading turnover reached P4.87 billion.
Japhet Tantiangco, an analyst at Philstocks Financial Inc., said the day’s trade may still be considered “sideways” as investors traded cautiously amid lingering uncertainty caused by the US-ignited global trade frictions.
“The bourse came to a positive close, attributed to appreciation of corporate fundamentals, the peso’s strengthening against the US dollar, and hopes that the Philippines would reach a trade deal with the US,” he said.
“Sectors were mixed, with the industrials taking the lead, up 1.77 percent. The services were at the bottom, cutting 1.65 percent,” Tantiangco added.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., meanwhile said the market also went up amid the backdrop of an easing global crude oil prices to near 4-year lows and the report that US President Donald Trump is “on track to lift some levies on foreign auto parts and give imported vehicles a reprieve from separate tariffs on aluminum and steel.”
Most actively traded Universal Robina Corp. rose P4.20 to P84.70. BDO Unibank Inc. climbed P5.20 to P160.70. International Container Terminal Services Inc. shed P10 to P350. Ayala Land Inc. lost P0.75 to P24.20. SM Investments Corp. gained P5 to P855. Bloomberry Resorts Corp. lost P0.14 to P3.40. Manila Electric Co. rose P21 to P569. Bank of the Philippine Islands lost P0.30 to P133. SM Prime Holdings Inc. eased P0.30 to P22.90. DigiPlus Interactive Corp. added P1 to P39.
