Local shares closed slightly higher Tuesday despite thin trading, as investors continued to await the outcome of President Ferdinand Marcos Jr.’s visit to the United States.
The 30-company Philippine Stock Exchange index gained 2.95 points, or 0.05 percent, to close at 6,355.69. The broader all shares index climbed 3.76 points, or 0.10 percent, to 3,757.20.
Analysts said the market traded sideways within a narrow range, as investors remained cautious ahead of an Aug. 1 deadline for countries to negotiate with the U.S. on tariff issues.
“Technical setups hint at renewed confidence while still cautious after last week’s dip, most likely waiting for the developments of the trade discussions in Washington this week and upcoming corporate earnings,” said Luis Limlingan, head of sales at Regina Capital Development Corp.
As a result, market participation was tepid, with P4.74 billion worth of stocks traded.
Market breadth was positive, with 97 gainers against 96 decliners, while 45 stocks remained unchanged.
Sub-indices ended mixed. Holding firms and services declined by 0.61 percent and 0.13 percent, respectively.
Mining and oil advanced by 0.90 percent, while property rose 0.69 percent. Financial and industrials also gained 0.64 percent and 0.11 percent, respectively.
Shares of Aboitiz Power Corp. jumped 2.26 percent to close at P43. Conversely, shares of Universal Robina Corp. slipped 1.83 percent to P93.25.
