Local stocks reversed early losses Tuesday to stay afloat the 6,300 level, spurred by latest index rebalancing.
The benchmark Philippine Stock Exchange index (PSEi) rose by 1.46 points, or 0.02 percent, to close at 6,305.99, the while broader all-shares index went up 6.5 points, or 0.19 percent, to finish at 3,405.52.
China Bank Capital managing director Juan Paolo Colet said the PSEi inched up on market-on-close buying after trading in the red for most part of the day’s session.
“The move was helped by a surge in trades of Union Bank of the Philippines and Nickel Asia Corp. as institutional funds prepared for the changes to the PSE benchmark that will take effect on Wednesday,” Colet said.
Nickel Asia is set to replace Aboitiz-led UBP in the 30-company PSEi following to the bank’s non-compliance with the 20-percent minimum free float required for index inclusion.