The local stock market started the week flat, supported by the gains of the Services sector.
The main index inched up by 4.73 points or 0.07 percent to close at 6,956.26 as the Services sector’s advanve offset the retreat staged by the Mining and Oil, Financials, and Property counters.
Volume improved to 1.64 billion shares worth P7.61 billion as losers outnumbered gainers 120 to 78 with 42 unchanged.
“Philippine shares traded flat as funds transferred to different sectors in anticipation of the latest window dressing for the quarter end,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, investors ate waiting for the release of economic data in the US and the Philippines such as the manufacturing output numbers.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market rose further as investors remained hopeful that the COVID-19 situation in the country would continue to improve, leading to the easing of social restriction measures.”
He also noted that, “The Bangko Sentral ng Pilipinas’ latest confidence surveys which show that consumers and businesses are optimistic towards the upcoming quarter also gave a boost to sentiment.”