The PSEi managed to wipe out early losses to end in positive territory as investors were quick to buy back shares.
The main index inched up by 5.30 points or 0.08 percent to close at 7,024.48 with only the Property and Holding Firms counters retreating.
Volume improved to 29.55 billion shares worth P10.43 billion as gainers beat losers 122 to 99 with 44 steady.
“Local shares traded slightly up as investors continued to make their bets ahead of the PSEi and MSCI rebalancing results, the anticipation of earnings released and the Bangko Sentral policy meeting outcome on Thursday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco said “Late day buying sent the local market higher as optimism got a boost from the filing of the P420 billion Bayanihan to Arise as One Act in the House of Representatives. The measure, if passed, is seen to help in the recovery of the local economy.”
AAA Equities Head of Research Chris Mangun said “The PSEi ended slightly higher, mainly flat after starting the day much lower. Gains were led by blue chip banks which are still laggards overall.”
He added that, “It may be due to expectations that the Financial Institutions’ Strategic Transfer or FIST bill will be passed by the senate soon.”