Stocks end flat after weak start

The local stock market managed to end flat after starting the week in the red with investor sentiment stuck in the doldrums.

The main index eked out a 2.1-point or 0.03 percent gain to close at 7,282.67 with only the Financials and Mining and Oil counters advancing while most sectors retreated.

Volume firmed up at 1.06 billion shares worth P8.47 billion as losers outnumbered gainers 117 to 71 with 51 unchanged.

“Philippine shares traded quietly, tracking the performance of regional markets,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Historically, stocks have a good track record of bucking gains in Thanksgiving week. However, the resurgence in COVID19 cases globally may either dent or cap gains on equities this week.”

“On the other hand, investors are also expected to direct their attention to Pres. Joe Biden's pick for the next Federal Reserve Chair in the coming days,” Limlingan said.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Last minute bargain hunting sent the local market up. For the most part of the day however, the local bourse was in the negative territory as investors exited the market due to the lack of a strong catalyst.”