Main index edges up as investors buy bargains
THE MAIN INDEX eked out a small gain on Tuesday as investors took advantage of cheaper prices after the worsening Middle East conflict caused the market to drop sharply in the prior session.
The Philippine Stock Exchange index (PSEi) increased by 0.28% or 18.55 points to close at 6,445.38, while the broader all shares index went down by 0.28% or 10.15 points to end at 3,557.71.
“The local market bounced back as investors hunted for bargains following two straight days of decline, including a steep one (on Monday),” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
On Monday, the PSEi slid by 2.78% or 184.41 points to close at 6,426.83, posting its biggest single-day drop since it sank by 4.3% or 261.34 points on April 7, 2025, as the market reacted to the war in the Middle East, fearing it could drive up oil prices, presenting fresh inflationary risks.
“Philippine equities shrugged off mounting pressures from the US-Israel and Iran conflict as foreign funds stepped in and commanded today’s bargain hunting activities,” AP Securities, Inc. said in a market note.
Net foreign buying was at P1.57 billion, a turnaround from the P784.64 million in net selling recorded in the previous session.
Most sectoral indices still ended lower on Tuesday. Mining and oil slid by 2.24% or 447.64 points to 19,495.65; industrials dropped by 1.24% or 114.92 points to 9,113.67; financials retreated by 0.74% or 15.94 points to 2,113.7; property dropped by 0.67% or 14.58 points to 2,161.98; and holding firms decreased by 0.42% or 21.57 points to 5,054.96.
Meanwhile, services climbed by 3.03% or 82.83 points to 2,815.69.
Decliners outnumbered advancers, 117 to 83, while 60 names closed unchanged.
“DigiPlus Interactive Corp. was the day’s index leader, jumping 10.66% to P18.48. This comes following the acquisition of additional stake by its Chairman Eusebio Tanco, signaling strong confidence towards the company,” Mr. Tantiangco said. “Century Pacific Food, Inc. was the day’s main index laggard, falling 3.25% to P37.25.”
On Monday, Digiplus Chairman Eusebio H. Tanco increased his stake in the company with the purchase of 63.12 million shares for roughly P1.04 billion.
Value turnover decreased to P8.88 billion on Tuesday with 3.15 billion shares traded from the P9.12 billion with 1.19 billion issues that changed hands on Monday.
In Asia, a sell-off in stocks deepened on Tuesday as investors considered the implications of US and Israeli strikes on Iran on energy prices and the global economy, Reuters reported.
US President Donald J. Trump sought to justify a broad, open-ended war on Iran, saying on Monday the campaign was ahead of expectations.
With no end to hostilities in sight, an official from Iran’s Revolutionary Guards said on Monday that the Strait of Hormuz is closed to marine traffic and the country will fire on any ship trying to pass. — Alexandria Grace C. Magno with Reuters
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