Local stocks extended their climb on Thursday, Dec. 26, as investors gingerly repositioned portfolios for the coming year, though a lack of fresh catalysts and the holiday lull kept trading activity subdued.

The Philippine Stock Exchange index gained 23.73 points, or 0.39 percent, to finish at 6,065.64. While the headline index moved higher, the session was characterized by thinning participation, with many market players remaining on the sidelines. Mining issues spearheaded the advance, buoyed by a rally in global bullion prices, while the industrial and conglomerate sectors weighed on the broader market’s gains.

Trading volume hit 1.04 billion shares with a total turnover of ₱2.77 billion. Advancing issues edged out decliners 107 to 80, while 60 stocks remained unchanged. The tepid turnover reflects a seasonal slowdown as the Christmas break diverts attention away from the trading floor.

Japhet Tantiangco, research manager at Philstocks Financial, attributed the day’s modest gains to bargain hunting.

He noted that some investors were picking up shares at attractive valuations as the calendar year nears its end, though he cautioned that the underlying sentiment remains fragile.

The anemic value turnover, according to Tantiangco, suggests a lingering lack of confidence regarding the economy’s growth trajectory for 2026, prompting a significant portion of the investing public to stay liquid for the time being.

The index traded within a tight range for much of the session, a sign of the cautious atmosphere pervading the local bourse. Luis Limlingan, managing director at Regina Capital Development Corp., characterized the session as relatively quiet and noted that the narrow trading band underscored a wait-and-see approach.

He suggested that market participants are likely holding back until clearer fundamental catalysts emerge to justify more decisive moves in the new year.

BPI Trade observed that the post-Christmas uptick was supported by broader market gains, even as volume remained light.

The brokerage highlighted the outperformance of the mining sector, which drew strength from gold, silver, and copper reaching record highs. These commodities have been bolstered by escalating geopolitical tensions and a weakening U.S. dollar, providing a tailwind for local extractors even as other sectors struggled to find direction.