The local stock market inched up at the end of the week as the lower than expected inflation rate failed to spark a rally.
The Philippine Stock Exchange index (PSEi) gained 12.23 points or 0.21 percent with only the Holding Firms and Property counters advancing.
Volume remained weak with 554.56 million shares worth P5.45 billion changing hands as losers beat gainers 104 to 77 with 51 unchanged.
“Investors sold off from overbought issues in the US and across the region and parked to oversold stock in the Philippine market,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted though that investors may stay away as next Monday is a US holiday.