The Philippine Stock Exchange index (PSEi) posted a modest gain amid thin trades due to selective bargain hunting in heavyweight stocks.
The main index added 18.27 points or 0.30 percent to close at 6,183.62 although sectoral indices were evenly mixed with gains posted mostly by Banks. Volume remained anemic at 500 million shares worth P3.85 billion as losers outnumbered gainers 111 to 69 with 50 unchanged.
“Philippine shares were quietly bought up as the US was on holiday to celebrate its Independence Day,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, investors are waiting for the release of the Philippines’ June inflation figures on Tuesday.
AB Capital Securities said low value turnover persisted along with foreign outflows over concerns on the inflation outlook and weakening peso.