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Manila Bulletin devider Business devider The Stock Market devider Stocks hold above 6,400 as ICTSI gains offset Iran oil shock

Stocks hold above 6,400 as ICTSI gains offset Iran oil shock

Published Jul 20, 2026 04:53 pm
Local equities managed to carve out modest gains on Monday, July 20, holding above a key technical floor as strength in heavyweights like International Container Terminal Services Inc. (ICTSI) offset growing anxiety over rising global oil prices sparked by conflict in the Middle East.
The Philippine Stock Exchange Index added 11.61 points, or 0.18 percent, to settle at 6,415.72 on Monday, July 20. Market breadth leaned slightly positive, with 98 advancing stocks outpacing 92 decliners, while 77 issues closed unchanged.
Trading volume remained muted, with 537 million shares worth ₱6.69 billion changing hands, though foreign market participants were net buyers during the session.
Sectoral gains were narrowly concentrated, with only the Services and Mining sub-indices managing to finish in positive territory while the remaining sector gauges closed lower. Heavyweight port operator ICTSI provided the main pillar of support keeping the broader benchmark afloat.
“The local market extended its rally primarily backed by sustained buying on index heavyweight ICT,” said Japhet Tantiangco, research manager at Philstocks Financial Inc.
Initial momentum weakened in the second half of the trading day as rising crude prices—triggered by escalating military tensions between the US and Iran—weighed heavily on global risk sentiment. Spiking energy costs present a direct challenge for the import-reliant Philippine economy, renewing concerns over persistent domestic inflation and elevated corporate operational expenses.
Despite these global macro headwinds, underlying investor sentiment found a stabilizing anchor in corporate fundamentals. Buyers selectively accumulated blue-chip shares ahead of the upcoming second-quarter earnings reporting period, keeping the benchmark firmly above psychological support.
“The local bourse ended higher, sustaining its position above the 6,400 level as optimism ahead of the second quarter corporate earnings season supported investor sentiment,” said Luis Limlingan, managing director at Regina Capital Development Corp.
While geopolitical risks and volatile energy prices continue to spur intermittent profit-taking, selective buying in index heavyweights has allowed the local bourse to maintain a tentative upward trajectory. I

Related Tags

International Container Terminal Services Inc. Philippine Stock Exchange Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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