The benchmark PSEi was almost unchanged after bargain hunters took a break while waiting for cues from economic data and more first quarter earnings reports.
The main index inched up 2.13 points or 0.03 percent to close at 6,574.88 led by gains of the Mining sector while the Property and Services counters retreated. Volume fell to 750 million shares worth P3.9 billion as gainers outpaced losers 104 to 83 with 50 unchanged.
“Philippine shares consolidated as investors awaited more leads before testing the 6,600 psychological resistance. Sentiment was supported overseas as Wall St. logged its second consecutive winning streak as investors applauded the "so far, so good" earnings results of U.S.-listed companies,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “On the data front, traders will monitor the latest print on durable goods later tonight. Tensions have also been easing following Iran's statement that it will not further escalate its conflict with Israel.”
Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “Investors are looking forward to further first quarter 2024 earnings results as initial reports from the banking space were positive. Additionally, the narrowing of the country’s budget deficit last March was cheered.”
“Many seem to have stayed on the sidelines, however, amid the lack of positive catalysts. As a result, net market value turnover was tepid,” he noted.