The Philippine Stock Exchange index managed to close moderately on Tuesday after a weak rally on Monday as investors weighed sentiments on a possible United States recession.
Shares stayed in the green yesterday after they advanced 14.79 points to 5,847.37, 0.25 percent higher than the other day’s close.
Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said the slight gains were driven by bargain hunting due to three straight days of decline.
Weak market participation
Alviar pointed out, however, that the market participation remains weak, registering a net value turnover of only P4.10 billion.
“This is amid heightening concerns over global growth while investors await the inflation rate in the United States,” she said.
Sector performances were mixed. Banks, Industrials, and Holdings were in positive territory, while Properties-led losers after they slipped 0.50 percent.
Among index members, Aboitiz Equity Ventures had the biggest gain of 4.03 percent, while Monde Nissin Corp. declined to its all-time low during intraday, closing the day at P11.72, down by 3.78 percent.