The local stock market improved only slightly after the previous day’s much awaited State of the Nation Address as investors adopt a “wait-and-see” attitude.
The main index inched up 13.47 points or 0.22 percent to close at 6,223.00 with Conglomerates leading the advance as the Banks and Property counters declined. Volume dropped to 728 million shares worth P3.75 billion as gainers beat losers 104 to 74 with 47 unchanged.
“Philippine shares were bought up at closing as investors are bracing for an onslaught of mega-cap tech earnings and economic data this week, as well as the outcome of the FOMC meeting, which will help the Street direct its expectations for the rest of the year,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market edged higher as a reflection of investors’ positive reception to the State of the Nation Address wherein plans and goals for the economy were laid down. The Peso’s strengthening also helped in the market’s climb.”
Citing the thin trading volume, he noted that, “Trading remained cautious as investors looked forward to the Federal Reserve’s upcoming policy decision this week. “