The local stock market regained the 6,000 level on Monday as investors picked up bargains, drawing support from gains on Wall Street despite lingering concerns over tensions in the Middle East.
The benchmark Philippine Stock Exchange index (PSEi) rose 16.9 points, or 0.28 percent, to close at 6,016.03.
The broader All Shares index also advanced 7.66 points, or 0.23 percent, to 3,382.44.
AP Securities Inc. said Philippine equities managed to stay firm and tracked Wall Street’s gains despite developments involving the Strait of Hormuz, indicating that investors may be becoming less reactive to volatility linked to the Iran conflict.
Luis Limlingan, head of sales at Regina Capital Development Corp., said the PSEi recovered from Friday’s decline and reclaimed the 6,000 mark on bargain-hunting activity.
He noted, however, that gains were trimmed by selling pressure in the afternoon session.
“Sentiment stayed cautious after Iran threatened retaliation over the US seizure of a cargo ship, with its participation in peace talks in Pakistan still unconfirmed,” Limlingan said.
Sectoral performance was mixed, with holding firms posting the strongest gain at 0.87 percent, while the industrial index registered the steepest decline at 0.34 percent.
Total turnover reached P7.17 billion.
Market breadth remained negative, with decliners narrowly beating advancers, 105 to 101, while 60 issues were unchanged.
International Container Terminal Services Inc. emerged as the most actively traded stock, rising 0.78 percent to P715 apiece.
BDO Unibank Inc. slipped 0.75 percent to P118.60, while Ayala Land Inc. fell 1.4 percent to P16.96.