Stocks rise window dressing

Published July 29, 2020, 10:00 PM

by James A. Loyola

The local stock market improved again yesterday on some window dressing although most investors are still cautious.

The Philippine Stock Exchange index (PSEi) gained 39.16 points, or 0.66 percent, to close at 5,966.27 with only the Mining and Oil sector in the red.

Volume remained thin at 1.18 billion shares worth P3.57 billion with losers beating gainers 103 to 74 as 47 were steady.

 “Local shares closed higher with the start of some early window dressing as investors monitored talks between Republicans and Democrats on a second coronavirus aid package and tuned in to a deluge of second-quarter corporate results,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

AAA Equities Head of Research Chris Mangun said “The PSEi managed to end with gains… as we see diminished selling pressure. Most investors are still on the sidelines, evident in low trading volumes.”