Given the positioning ahead of the year-end rally, Philippine shares wrapped up Tuesday’s trade with slight gains despite existing worries over the US government shutdown.
Jonathan Ravelas, chief market strategist at BDO Unibank Inc., said in a text message that the sideways trend in the local stock market still reflects concerns over uncertainties in the US as a result of the shut down.
“Market continues to trade within the 6,000 [-point] to 6,500 [-point] range. Sideways action still highlights the market players still cautious as any gains seen capped at 6,500,” he added.
For her part, Elizabeth Abadillo, analyst at Angping and Associates Securities Inc., said that the market managed to register slight gains because investors started to position on selected stocks for the year-end rally.
The Philippine Stock Exchange index (PSEi) went up 0.18 percent, or 11.65 points to 6,454.86, while the broader all-shares index rose by 0.15 percent, or 5.82 points to 3,888.34.
However, it was mixed results for the sectoral indices after half of them managed to end in the green, and the other three shed some points.
The property counter went up 1.85 percent, or 45.80 points to 2,521.73, followed by mining and oil, which gained 0.64 percent, or 79.35 points to 12,430.36. Holding firms advanced by 0.11 percent, or 6.69 points to 5,810.20.
Financials, on the other hand, went down by 0.58 percent, or 9.30 points to 1,579.50, while industrial slipped 0.18 percent, or 16.99 points to 9,343.25. Services lost by 0.07 percent, or 1.38 points to 2,037.26.
Total value turnover got thinner at P5.9 billion with decliners edging advancers, 78 to 64.
Some of the most actively traded stocks were Universal Robina Corp., SM Investments Corp., Emperador Inc., Alliance Global Group Inc., Metro Pacific Investments Corp., Ayala Land Inc., BDO Unibank Inc. and Metropolitan Bank and Trust Co.
Wall Street’s ascent, which was influenced by the slowly fading worries brought about by the US government shutdown, has driven the main index toward a modest start for this week.
The benchmark index started the week on a positive note, gaining 0.83 percent, or 52.73 points to 6,443.21, while the wider all-shares barometer shares climbed slightly by 0.73 percent, or 28.73 points to 3,882.52.