Stocks kick off the week with small gain


The local stock market started the week almost flat as investors wait to see if the government will further ease quarantine restrictions in the nation’s capital.

The main index inched up 9.70 points or 0.14 percent to close at 6,917.49 although sectoral indices were evenly mixed with banks leading the advance while the Mining and Oil counter retreated the most.

Volume improved to 3.93 billion shares worth P6.32 billion as gainers outpaced losers 117 to 91 with 54 unchanged.

“Philippine shares eked out slight gains as bond yields fell despite data showing US inflation running hot,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “markets are also beginning to position ahead of the FTSE rebalancing which will take effect at the end of the week.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said, “Late day buying sent the local bourse higher. Monday’s gains may also be reflective of the optimistic anticipation of investors with regard to the government’s decision on the quarantine classifications of the NCR Plus and MECQ placed areas in the country after June 15.”

He noted that, “Foreign investors helped in the market’s climb with net foreign inflows amounting to P20.36 million.”

AAA Equities Head of Research Chris Mangun said “The PSEi ended slightly higher but mainly flat as losses on blue-chip property and holding firms that were up last week, were offset by gains in other issues, (that have not rallied as much), within the same sectors.”

“There was more focus on second and third liners evident in the high price volatility of more than a dozen issues. Speculation is rampant on which companies will recover first and come out on top as the economy continues to pick up,” he added.