The local stock market recovered the previous losses as it continues to move sideways due to a lack of fresh leads.
The main index rose 18.69 points or 0.27 percent to close at 6,956.65 as Banks led the advance with only the Property and Industrial counters retreating.
Volume remained thin with 1.82 billion shares worth P5.21 billion changing hands aa losers beat gainers 113 to 96 with 41 unchanged.
“Philippine shares continued to rotate among certain stocks with funds focused on quarter-end positioning as the month winds to an end,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco “Last minute bargain hunting sent the local market higher. For the most part of the day, the market was in the negative territory due to worries over the risks brought by the Delta variant of COVID-19.“
AAA Equities Head of Research Chris Mangun said “The PSEi inched higher on another low-volume, sleepy, no-action trading session for blue-chips.“
He noted that, “The government basically maintained current mobility restrictions for another month, which was no surprise, and drew no reaction from investors.”
“Investors are willing to hold on to blue-chip positions and defer selling, however, the bigger question is when will they be willing to increase their positions or when will the buyers come in to take prices higher,” Mangun added.