Late-session buying buoys stocks
Late-session buying buoyed the Philippine Stock Exchange index to a positive finish yesterday, even as trading remained cautious most of the day.
Manila, Philippines - Late-session buying helped propel the Philippine Stock Exchange index (PSEi) to a higher close on Wednesday, as caution reigned throughout the day, according to wire reports. The PSEi rose by 0.21 percent, or 12.92 points, to close at 6,251.38. In contrast, the broader All Shares index slipped by 0.01 percent, or 0.34 points, to 3,434.89.
Luis Limlingan of Regina Capital commented that the bourse ended higher after a cautious session, with investors remaining cautious due to reports of an "economic D-Day for Iran." He added that strong buying in the late hours provided support to the market. Sectoral indicators were varied, with the mining and oil index surging 3.19 percent, while the industrial sector saw the steepest decline at 0.39 percent.
Trading volume was light, totaling P4.97 billion. There were 108 decliners for every 83 advancers, and 65 stocks finished unchanged. The ICTSI was the busiest stock of the day, climbing 0.99 percent to P970 per share, followed by Meralco, down 0.62 percent to P479, and Jollibee Foods, which rose 1.27 percent to P160. AB Capital Securities noted that foreign investment continues to flow in, benefiting additional stocks beyond ICTSI, with BPI, Jollibee, and Meralco drawing significant interest.
They said that while ICTSI remains the key driver for the index, the broader market shows constructive breadth.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
