After suffering consecutive losses, the local stock market slightly recovered as investors buy cheaper stocks in this week’s remaining two trading days.

The main index marginally rose by 11.79 points or 0.20 percent closing at 5,973.78, with the Industrial and Mining and Oil sectors seeing losses in between 0.64 to 0.67 percent.

Volume of shares traded was recorded at 416 million worth P4 billion as gainers surpass losers 94 to 85, with 50 unchanged.

Philstocks Financial Assistant Research Manager Claire Alviar said the local bourse “gained thanks to bargain hunting following the two consecutive days of market losses.”

“However, this was not enough to lift the market above the 6,000-mark since many were still on the sidelines amid shortened trading week,” she noted.

Alviar noted that the Property sector gained the most, it went up by 1.08 percent. “Notable performers among index members included Alliance Global Global, Inc., gaining 4.54 percent P10.60, while Monde Nissin Corporation found itself at the bottom, with a loss of 3.64 percent P8.20,” she said.

Meanwhile, Regina Capital Development Corporation Managing Director Luis Limlingan said the local market “closed with minimal changes, recording a modest increase of +0.20 percent, as the market approaches the holidays.”

“Investors are eagerly anticipating forthcoming economic data set to be released on Friday, including the Non-farm payroll employment data for October, the October unemployment rate, S&P Global's US Services PMI, and the ISM Services Index for October, among others,” he added.