The local stock market posted more gains but off the day’s high after investors were quick to take profit.
The main index was up 14.91 points or 0.21 percent to close at 7,304.79 with only the Property and Mining & Oil counters in the red.
A total of 19.98 billion shares worth P11.52 billion changed hands as gainers beat losers 129 to 94 with 46 unchanged.
“Shares closed flat after hitting a intraday highs of over 7,400 to start a volatile first week of trading, with President-elect Biden’s promise of more financial aid for Americans offsetting a report showing the first monthly job losses since April amid a resurgence of COVID-19 cases,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco noted that, “The market climbed by as high as 1.96 percent to 7,432.40 within the trading day amid calls within the House of Representatives to discuss the easing of economic restrictions in the Constitution to allow more foreign investments in the country.”
“Profit taking followed, however, trimming Monday’s gains,” he added.