The local stock market chalked up a small gain yesterday as most investors are still sitting in the sidelines.
The Philippine Stock Exchange index (PSEi) gained 13.03 points, or 0.22 percent, to close at 5,938.33 with the Industrial and Services counters retreating.
Volume fell to 1.18 million shares worth P3.42 billion as 104 stocks rose while 80 declined and 62 were unchanged.
“The PSEi inched slightlty higher after comments from US Treasury Secretary Steven Mnuchin tempered expectations of a coronavirus stimulus deal being reached before the Nov. 3 presidential election,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
AAA Equities Head of Research Chris noted that, “This has been the trend for the last five trading days as the PSEi has seemed to have found an equilibrium between buying and selling. It has hovered around 5,900, right in the middle of its range between its support at 5,800 and resistance at 6,000. This just shows how cautious the sentiment is right now and that it can't decide whether to go higher or lower.”
He explained that, “The miniscule gains was the result of advances in large-cap blue chips offsetting substantial losses in small lto mid-cap issues.”