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Manila Bulletin devider Business devider Stock market up on thin trades

Stock market up on thin trades

Published Dec 27, 2021 04:22 pm

The local stock market managed to rise after trading weaker in the morning as few investors still trading start positioning for 2022.

The PSEi hiked 72.94 points or 1.02 percent to close at 7,254.80 as the Financials and Services sectors led the advance although the Industrial counter retreated.

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Trading activity remained anemic with 1.1 billion shares worth P3.87 billion changing hands as gainers narrowly beat losers at 87 to 83 with 51 unchanged.

“Markets quietly were bought up in low value turnover environment, with very few catalysts and most preparing for the year end window dressing,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “U.S. markets were closed on Friday for the Christmas holiday.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Afternoon buying sent the local market higher this Monday. Investor sentiment was lifted by hopes of stronger economic prospects for 2022.”

He noted that the thin volume “shows that many investors are staying out of the market due to the uncertainties caused by the COVID-19 Omicron variant.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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