Index stays in green despite thin trades

The benchmark Philippine Stock Exchange index managed yesterday to stay in positive territory despite thin trades, analysts said.

Still, it was a breather compared to days of staying in negative territory the past weeks.

The PSEi gained 3.38 points, or 0.04 percent, to finish at 7,689.14 while the broader All Shares index gained 4.99 points, or 0.10 percent, to end at 4,669.28.

Majority of the indexes likewise traded in positive territory.

Total value turnover remained thin at P5.93 billion, but market breadth was positive, 108 to 97 while 43 issues were left unchanged.

Luis Limlingan of Regina Capital said “the local market traded quietly on a more optimistic note. Inflation rose again to 4.6 percent in May on higher energy prices. While the sequential pace of price increases moderated due to an easing in food prices.”

The US, meanwhile, was quiet, too.

“The Nasdaq Composite Index registered its second record close in a row Tuesday on the back of a rally in the shares of technology and internet giants, underscoring a resurgence in the sector that has been among the market’s more influential. However, the Dow lagged as the stocks of slumping financials and consumer-staples weighed on the blue-chip gauge,” he said.