The local stock market posted some gains as the decline in heavyweights were offset by bargain hunting in small caps.
The PSEi inched up by 9.53 points or 0.14 percent to close at 6,890.73 as the Services counter continued to lead the advance while the Property sector chalked the biggest loss.
Volume was lower at 705 million shares worth P6.49 billion aa gainers beat losers 128 to 82 with 32 unchanged.
“Philippine shares traded thinly with some upside as U.S. equities tried to recover from the previous session’s rout,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Investors were also cautious as the Fed’s two-day policy meeting started last night. They would likely keep the policies intact, but the timing of the asset purchase taper is something the market is keeping a close eye on.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market rose on the back of our improving COVID-19 situation. Our daily new COVID-19 cases have been declining lately, in turn raising hopes of further easing of restrictions in the economy.”
However, he said “Gains were tempered by last minute profit taking.”