Manila: The Philippine Stock Exchange index (PSEi) inched up Tuesday as investors stayed cautious over developments in the Middle East, while the peso strengthened against the US dollar. The PSEi rose 0.04 percent to 6,018.70, and the All Shares index gained 0.15 percent to 3,387.53.
According to Philippines News Agency, most sectoral indices closed higher, led by Holding Firms at 1.04 percent, Industrial at 0.89 percent, Mining and Oil at 0.64 percent, and Financials at 0.37 percent. However, the Services sector dropped 1.35 percent, and the Property sector declined 0.46 percent. Trading was thin, with volume at 832.76 million shares worth PHP6.91 billion. Advancers outnumbered decliners, 106 to 90, while 76 issues were unchanged.
"The Philippine market finished nearly unchanged as investors stayed cautious. Sentiment was stable as the market looked for updates on the unclear status of peace talks, which continued to limit risk appetite," said Luis Limlingan, Regina Capital Development Corporation head of sales. He added that "market participants are still looking to remain in a wait-and-see stance ahead of the BSP's (Bangko Sentral ng Pilipinas) upcoming interest rate decision."
The Bangko Sentral ng Pilipinas' Monetary Board will hold its next rate-setting meeting on April 23, its third this year following the March 26 off-cycle meeting where rates were kept steady amid concerns over the economic impact of the Middle East conflict.
Meanwhile, the peso closed at 59.93 to a US dollar, strengthening from 59.97 the previous day. It opened at 59.87 and traded between 59.86 and 60.005, averaging 59.95. Volume declined to USD1.47 billion from USD1.54 billion in the previous session.
