Manila Bulletin
Stocks eke out gain on bargain hunting
The Philippine Stock Exchange index (PSEi) increased slightly on Tuesday, closing up by 0.12% to 6,145.59 points, as investors engaged in bargain hunting.
The market brushed off President Trump's renewed attacks on Fed Chair Jerome Powell, which caused losses in the US market.
Miners led the advance with only Banks retreating.
Analysts attribute the market's rise to bargain hunting, a positive outlook on corporate fundamentals, and optimism that the Philippine economy can withstand US tariff policies.
Hopes for further monetary policy easing by the Bangko Sentral ng Pilipinas (BSP) also provided support to the market.
Trading volume was thin at P4.84 billion, with gainers outnumbering losers.
Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort noted that the PSEi slightly corrected higher for the second straight trading day, supported by recent better corporate sales and earnings reports.
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