The stock market in the Philippines extended its winning streak to four days, although gains were minimal due to a lack of catalysts. The Philippine Stock Exchange index closed at 6,574.88, up by 0.03 percent or 2.13 points, while the broader All Shares index also increased by 0.13 percent or 4.51 points to end at 3,467.97.
According to analysts, shares consolidated as investors awaited more leads before testing the 6,600 psychological resistance. Overseas, sentiment was positive as Wall Street saw its second consecutive winning streak with investors reacting well to the earnings results of US-listed companies.
In terms of local sectors, mining and oil led the gains with a surge of 2.74 percent, while property and services experienced declines of 0.61 percent and 0.19 percent, respectively. Market breadth remained positive with advancers outnumbering decliners 104 to 83, while 50 issues remained unchanged.
Among index members, ACEN saw the highest climb with a 7.6 percent increase, while Bloomberry had the largest decline at 3.54 percent. Overall, net market value turnover was lower than the year-to-date average at P3.28 billion, indicating that many investors may have stayed on the sidelines amid the lack of positive catalysts.
