The local stock market kicked off August by managing to end flat after recovering from a drop earlier in the day.
The main index was lower by just 3.90 points or 0.06 percent to close at 6,312.03 although sectoral indices were evenly mixed. A total of 434 million shares worth P5.16 billion changed hands as losers edged out gainers 92 to 85 with 55 unchanged.
“Philippine investors welcomed the month of with a flat start as several economic data releases are scheduled for this week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that the Philippines’ Manufacturing Purchasing Managers Index came out at 50.8, which showed a deceleration from the previous month.
Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse closed flat, bucking the trend of the Asian markets, as investors are bracing for the earnings results at home.”
She added that, “the first reported case of monkeypox in the country and the rising covid-19 cases weighed on sentiment as well.”