PHL stocks eke out gains, track Wall Street’s rise

PHILIPPINE STOCKS inched higher on Tuesday amid positive spillovers from Wall Street, although the market remained cautious due to the ongoing conflict in the Middle East.

- Revin Mikhael D. Ochave with Reuters

The bellwether Philippine Stock Exchange index (PSEi) rose by 0.16% or 10.61 points to end at 6,369.19, while the broader all shares index went up by 0.4% or 15.41 points to 3,783.86.

“The local market bounced with positive cues from Wall Street helping in the climb. In-vestors also digested the Philip-pines’ overseas Filipinos’ cash remittance data for April, which posted a 4% growth,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message. “Gains were tempered, however, as concerns over the Israel-Iran conflict and their economic repercussions lingered.”