The local stock market improved slightly on some bargain-hunting although sentiment was weighed down by rising oil prices. 

The main index added 16.69 points or 0.27 percent to close at 6,241.69 as Conglomerates led the advance while the Property and Mining counters declined. Volume stayed low at 459 million shares worth P3.84 billion as losers beat gainers 95 to 91 with 40 unchanged. 

“Philippine shares still managed to eke out modest gains, despite rising oil prices after Saudi Arabia and Russia extended their voluntary supply cuts,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He added that, “another factor that dragged equities was the jump in treasury yields. Oil prices and yields climbing can raise concerns about how the Fed will move interest rates going forward.”

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse extended its gains due to last-minute bargain hunting. Still, PSEi remained on bargain levels despite the lingering risks in the economy, and investors took this opportunity to buy at attractive prices.”

“The consideration of NEDA to temporarily cut tariffs for rice to help lower domestic prices, somehow, boosted sentiment amid rising inflationary concerns,” she noted.