Stocks move sideways as investors wait for news

Published June 28, 2021, 5:09 PM

by James A. Loyola

The local stock market ended mixed with the PSEi down while more shares traded higher as investors wait for the release of economic data due this week.

The main index shed 12.55 points or 0.18 percent to close at 6,937.96 as the Mining and Oil counter led advancers while Banks weighed down the index the most.

Volume was thinner at 1.59 billion shares worth P5.35 billion as gainers outnumbered losers 107 to 96 with 43 unchanged.

“Philippine shares traded sideways as investors prepare for the window dressing by rebalancing portfolios ahead of the close of the semester,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “many are turning their attention to the release of ISM manufacturing data, unemployment rate, and trade balance among others. Many are also betting that the current heightened inflation will only be temporary as the economy continues to traverse its path to recovery.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse declined this Monday as investors take profits out of its rise last week.”

He noted that, “Market sentiment was also weighed by renewed COVID-19 concerns amid the risks brought by the Delta variant.”

AAA Equities Head of Research Chris Mangun said “The PSEi ended slightly lower, mainly flat, on lower trading volumes, similar to the rest of Asia.”

He observed that, “There was minimal volatility on blue chips with the exception of a few issues, as investors made little adjustments to their portfolios ahead of the release of manufacturing and inflation data.”

He also noted that, “Heightened COVID-19 cases, as we continue to register more than 5,000 new cases a day, is keeping the sentiment cautious.”