Local stocks started the week higher as bargain hunters returned following last Friday’s losses, although investors remain cautious amid the lingering crisis in the Middle East.
The benchmark Philippine Stock Exchange Index (PSEi) rose 0.43 percent or 25.88 points, to close at 5,986.85 on Monday.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi ended in the green as strong buying momentum during the morning session lifted the market.
‘However, gains were tempered by some profit-taking in the afternoon, while investors remained selective as more companies continued to release their first-quarter earnings reports,’ Limlingan said.
Philstocks Financial research manager Japhet Tantiangco said the market managed to rebound as investors snapped up battered shares, but the index still failed to retake the key 6,000 resistance level.
Trading activity remained weak, signaling continued caution among market participants.
Net value turnover stood at P5.05 billion, while foreign investors remained net sellers with outflows amounting to P146.61 million.
According to Tantiangco, investors were still taking a guarded stance due to the absence of a peace agreement between the United States and Iran.
Sectoral performance was mixed during the session.
The property counter posted the strongest gain, climbing 1.89 percent, while mining and oil suffered the steepest decline after dropping 1.81 percent.
Among index members, Puregold Price Club Inc. emerged as the top gainer, jumping 4.78 percent to P46 per share.
Meanwhile, DigiPlus Interactive Corp. was the session’s worst performer, tumbling 5.40 percent to P12.96.
Despite the modest recovery, analysts said the market’s inability to sustain a move above 6,000 suggested that investor confidence remained fragile as global risks continued to cloud the outlook.