Stocks snap two-day slide

MANILA, Philippines — Share prices inched up following cues from US equities, snapping the local market’s two-day slide.

The Philippine Stock Exchange index (PSEi) increased by 0.13 percent or 8.13 points to end at 6,348.34.

The broader All Shares index, however, remained in negative territory, slipping by 0.05 percent or 1.71 points to 3,698.53.

RCBC chief economist Michael Ricafort said the PSEi settled slightly higher after US stock markets gained a day after US President Donald Trump’s inauguration.

Ricafort said that some of Trump’s protectionist policies are seen benefitting some US businesses and industries, thus triggering a rise in US stocks on Tuesday.

“The PSEi also corrected higher on possible local policy rate cut as early as the next BSP rate-setting meeting on Feb. 13, 2025, the first for 2025, based on recent signals from local monetary officials,” Ricafort said.

Net value turnover improved to P4.09 billion from the previous day’s P3.28 billion.

All sectors finished in the red, except for services which increased by 0.71 percent.

Mining and oil posted the biggest decline at 0.54 percent.

Market breadth remained negative as decliners crushed advancers, 103 to 73, while 65 issues were unchanged.

BDO Unibank was yesterday’s top traded company, dropping by 1.04 percent to P142.50 per share, followed by URC which plunged by 2.27 percent to P64.50.

Among index members, Century Pacific Food gained the most with 2.55 percent, while Wilcon registered the largest drop of 3.58 percent.