Local stocks were little changed on Tuesday, Dec. 23, as trading volumes dried up ahead of the year-end holidays, with marginal gains in the mining sector offsetting retreat in service and industrial shares.

The Philippine Stock Exchange index (PSEi) edged up 0.65 points, or 0.01 percent, to finish at 6,041.91. Market activity was thin as many market participants began their year-end breaks, leaving the benchmark to fluctuate within a narrow range throughout the session.

Value turnover stood at ₱4.7 billion, with 1.52 billion shares changing hands. Decliners led advancers 107 to 88, while 49 issues remained unchanged.

The index spent much of the day in negative territory as investors sought to lock in profits and minimize exposure to potential volatility over the Christmas break. However, a late bout of bargain hunting during the closing minutes allowed the gauge to recover its losses and finish with a fractional gain.

Analysts noted that the lack of fresh catalysts and the absence of institutional participation contributed to the lethargic pace of trade.

“The PSEi closed this Tuesday almost flat,” said Japhet Tantiangco, research manager at Philstocks Financial. “For the most part of the day, the local market was in the negative territory as investors booked gains to shield themselves from uncertainties and possible negative developments during the holidays. Still, last-minute bargain hunting allowed the market to have a flat close.”

Market sentiment was also influenced by the approaching end of the fiscal year, which often triggers portfolio rebalancing.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., suggested that the marginal uptick could be attributed to window-dressing activities as fund managers adjust their holdings to improve the appearance of their portfolios before the year-end.

With only two trading days remaining in 2025—Dec. 26 and Dec. 29—trading is expected to remain quiet.

The mining sector provided the primary support for the index, continuing a recent rally driven by global commodity trends. In contrast, the services and industrial sectors lagged, reflecting a cautious stance on domestic consumption-linked stocks. M

arket observers expect the low-volume environment to persist through the final sessions of December, as the exchange remains in "holiday mode" and participants wait for the new year to set fresh positions.