Stocks close the week flat

Published May 21, 2021, 3:44 PM

by James A. Loyola

Late buying allowed the local stock market to close flat as investors continued to sit on the sidelines.

The main index eked out a gain of 1.61 points or 0.03 percent to close at 6,199.25 with only the Financials and Services counters in the red.

Volume remained weak with 1.63 billion shares worth P5.03 billion changing hands as gainers edged out losers 103 to 95 with 47 unchanged.

“Philippine shares closed the session quietly once again as investors observed tension in the Middle East after diplomats announced that they made some progress on the lifting of sanctions on Iran,” said Regina Cap Development Corporation Managing Director Luis Limlingan.

He added that, “Others poured focus back into the US with US stocks climbing last night due to the better-than-expected initial jobless claims data in April.”

Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse managed to close in the green territory this Friday as bargain hunters took advantage of its intra-day dip.”

He noted “The positive cues from Wall Street’s overnight rally caused by the decline in the US’ initial jobless claims also helped in the local market’s performance today.“