The stock market rose slightly Monday, while the the rest of Asia moved cautiously as investors sat tight awaiting fresh news about a possible US rate rise and after G7 finance ministers pressed Japan not to weaken its currency.
The Philippine Stock Exchange Index added 7.66 points, or 0.1 percent, to 7,306.69 on a value turnover of P8 billion. Losers edged gainers, 90 to 89, with 41 issues unchanged.
Security Bank Corp., the sixth largest lender in terms of capitalization, climbed 2.8 percent to P198, while DoubleDragon Properties Corp. surged 6.1 percent to P52.
Aboitiz Equity Ventures Inc., which has investments in power, banking, property, food and infrastructure, gained 1.4 percent to P73.
Universal Robina Corp., the biggest snack food maker, fell 1.3 percent to P200.
Global stocks had rallied in the previous session despite talk that the US Federal Reserve could raise interest rates in June, but analysts expect some market volatility ahead of further indicators.
A stronger yen weighed on Tokyo exporters after G7 finance ministers clashed over the weekend on whether Japan should intervene to stem the rise of its currency.
Oil prices were lower after Iran said it had no plans to join any output freeze by other major crude producers and as Canadian officials lifted the evacuation order for oil production sites north of Fort McMurray, which has been threatened by wildfires.
“Expect short-term share market volatility to remain high,” Shane Oliver, head of investment strategy at Sydney-based AMP Capital Investors Ltd., told Bloomberg News. With AFP