Philippine stocks ended mildly higher on Tuesday with the market waiting for the government of re-elected President Gloria Macapagal Arroyo to reveal its priority reform agenda after the June 30 inauguration.
Traders said market players were also cautious about possible protest moves by opposition groups who accused the administration of cheating. Arroyo won by a narrow three percent margin over opposition candidate film actor Fernando Poe Jr.
The Philippine stock index inched up 2.30 points or 0.15 percent to end at 1,542.82 points, with second-largest phone firm Globe Telecom leading the market higher.
Turnover climbed to 349.83 million pesos ($6.25 million) against 263.44 million on Monday. Gainers outpaced losers, 37 to 23, with 62 issues unchanged.
"I think investors would likely await signals from the new administration on what reforms it would pursue, especially fiscal reforms," said Paul Joseph Garcia, chief investment officer at ING Investment Management.
Garcia said Arroyo's poll victory had largely been priced in by the market and investors were now looking for more reasons to invest in Philippine equities, with second-quarter corporate earnings in focus.
Second-quarter earnings reports are expected to be released from late July.
Globe Telecom advanced 20 pesos or 2.42 percent to 845 pesos while its rival top-ranked Philippine Long Distance Telephone Co was unchanged at 1,090 pesos.
Conglomerate Benpres Holdings Corp lost three centavos or 4.92 percent to 58 centavos after the Supreme Court ruled that the government could draw from the $120 million performance bond of Benpres' water firm Maynilad Water Services.
The government took over the operations of ailing Maynilad after the company terminated its water concession agreement with the government due to huge debts.
Atlas Consolidated Mining and Development Corp gained 12.50 percent or 40 centavos to 3.60 pesos after it said an unnamed foreign company would invest $28 million for the development of the firm's copper mine in the central district of Toledo.
Another foreign investor will invest $1 million in Atlas' nickel project in the western province of Palawan, the company said.
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