The local stock market moved further sideways as bulls and bears wait in the sidelines with their ears peeled for fresh cues.
The main index eked out a gain of 7.75 points or 0.12 percent to close at 6,566.83 even thought the Property counter continued to retreat.
Volume remained lower than average at 4.62 billion shares worth P6.85 billion as gainers outpaced losers 122 to 94 with 47 steady.
“Philippines shares were slowly bought up once again as investors anxiously await the conclusion of the Fed's two-day policy meeting in which the central bank is expected to release new rate forecasts,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse extended its climb on the back of bargain hunting. Selling pressures were seen to be present, however, due to lingering COVID-19 concerns.”
AAA Equities Head of Research Chris Mangun said “The market held its ground again and ended flat on lighter selling pressure.”
He noted though that, “Despite the decrease in selling, buyers were not willing to come in with confidence which is why the recovery in prices was minimal.”
Mangun explained that, “There is still a lot of concern regarding the possibility of a hard lockdown amid soaring COVID-19 cases. The government just restricted the entry of foreigners and has limited the entry of Filipinos to just 1,500 per day.”
“The sideways trend is a sign of uncertainty, the market cant decided whether it want to go higher or lower, hence the sideways trend,” he added.