The local stock market ended flat after investors immediately pocketed early gains.
The main index was 1.59 percent or 0.03 percent lower at 6,369.28 with sectoral indices evenly mixed.
Volume was low at 3.03 billion shares worth P4.39 billion as losers beat gainers 111 to 83 with 56 unchanged.
“Local shares started the month of May on a soft note as one of the busiest weeks of first quarter earnings came to a close in the US, while the Philippine geared for more corporate releases,” said Regina Capital Development Corporation Managing Director Luis Limlingan
He added that, “Outside the region, investors took profits amid a flurry of reports and robust profit beat from e-commerce giant Amazon. Many also remained on the sidelines as concerns of wider lockdowns in India and Brazil offset a bullish outlook on summer fuel demand and economic recovery.”
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local market was unable to sustain its gains this Monday as investors took profits in the last minute.”
He noted that, “The inability to sustain gains reflects investors’ low confidence towards the market, as they remain worrisome over our pandemic situation and economic outlook.”
AAA Equities Head of Research Chris Mangun said “The market ended unchanged on low volumes. Several blue chips saw increased volatility although, by the end of the trading session the gainers balanced out the losers.”
He explained that, “The uncertainty on the pace of the economy's recovery, is keeping the sentiment subdued.”
The country's manufacturing output contracted for the month of April, ending a 3-month streak of growth, according to the monthly survey conducted by IHS Markit .
But Mangun said “It had almost no effect on the market as it was expected and already factored in, due to the tightening of quarantine restrictions last month.”