The local stock market inched up on some bargain hunting in blue chips although volume remained anemic.
The PSEi gained 16.75 points or 0.26 percent to close at 6,539.96 with only the Industrial and Holding Firms counters in the red.
Volume declined further to 4.3 billion shares worth P5.4 billion as advancers edged out losers 103 to 100 with 46 unchanged.
“Philippine shares closed higher once again after the U.S. Fed’s Beige Book showed an uptick in growth and inflation in the U.S. economy,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse managed to close in the green on the back of a last minute bargain hunting.”
He noted that, the weak volume “implies that many investors are still staying away from the market as our pandemic situation continues to cloud our corporate and economic outlook.”
AAA Equities Head of Research Chris Mangun said “The PSEi inched higher today led by gains in large-cap property issues SM Prime and Ayala Land which have been battered heavily in the last couple of weeks.”
He added that, “Trading on blue chips was similar to day before, last-minute buying allowed the main index to close at its high for the day.”