Philippine shares edged higher on Tuesday as investors returned to beaten-down blue chips, encouraged by renewed hopes of easing trade tensions between the United States and China.
The benchmark Philippine Stock Exchange Index (PSEi) climbed 23.46 points, or 0.39 percent, to close at 6,076.22 after briefly breaching the 6,100 level during intraday trading. The broader All Shares Index likewise rose 13.04 points, or 0.36 percent, to 3,668.63.
Turnover reached P6.17 billion as 3.17 billion shares changed hands, with gainers outpacing losers, 102 to 87, while 62 issues were unchanged.
According to Luis Limlingan, head of sales at Regina Capital Development Corp., optimism crept back into the market after Washington confirmed that US President Donald Trump would meet with Chinese President Xi Jinping in South Korea later this month. “The development has revived hopes for a thaw in trade tensions, which could help global growth and investor sentiment,” Limlingan said.
Blue chips recover as bargain hunters step in
Traders took the opportunity to snap up select heavyweights that have recently taken a beating. BDO Unibank gained 1.78 percent to P137.40, while Meralco added 1.56 percent to P555 per share. Ayala Land inched up 0.43 percent to P23.25, and SM Prime Holdings advanced 1.77 percent to P23.
Mining shares also rallied, led by Apex Mining’s 5.15 percent jump to P11.02 and Philex Mining’s 1.92 percent climb to P10.60. Manila Water surged 3.27 percent to P37.90 amid renewed interest in utilities.
Meanwhile, International Container Terminal Services Inc. (ICTSI) remained the most actively traded issue of the day, slipping 1.47 percent to P537 per share as investors took profits from recent gains.
Cautious optimism ahead
While sentiment turned positive, analysts said traders remain cautious ahead of key global data releases and potential policy cues from major central banks.
“Bargain-hunting gave the local market a needed breather,” Limlingan added. “However, for sustained momentum, we’ll need confirmation that global trade discussions are indeed progressing.”
The PSEi continues to trade within a narrow range, with market watchers eyeing the 6,100 to 6,150 zone as the next resistance area if optimism holds through the week.
