The Philippine stock market ended slightly weaker as investors continue to cash out in the absence of market-moving news.
The main index shed 4.99 points or 0.07 percent to close at 7,198.45 with only the Financials and Holding Firms counters in the green.
Volume surged to 144.4 billion shares worth P16 billion as losers barely edged out gainers at 115 to 114 with 44 unchanged.
“Local shares traded mostly negative intraday before closing flat without many catalysts and ahead of Joe Biden’s presidential inauguration. The US Stock market was closed due to the observance of MLK Holiday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
AAA Equities Head of Research Chris Mangun said “The PSEi continued sideways as it ended a few points lower, mainly flat on last-minute buying.”
He added that, “Volatility on blue chips remain subdued although we did see a pick up from yesterday. Investors are still uncertain and are not willing to justify higher valuations for blue- chips. Most are on the sidelines, waiting for more signs of economic recovery.”
Philstocks Financial Research Analyst Claire Alviar said “The overvaluation of the PSEi is pushing traders to trade stocks outside the index where positive sentiment is present. We’ve recorded a huge value turnover today, but as you can see, most of it went to the second and third liners.”