Local share prices were higher but much lower than the day’s peak as investors wait for cues from economic data due in coming days.
The main index inched up 15.32 points or 0.23 percent to close at 6,622.45 as Mining firms led the advance while Banks retreated. Volume was steady at 1.36 billion shares worth P7.07 billion as gainers beat losers 96 to 86 with 58 unchanged.
“Philippine shares inched up slightly as investors mull over the upcoming economic data here at home,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “In the US, equities struggled to rebound following a losing month and bond yields resume to advance.”
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse gained due to last minute bargain hunting. Also, the narrower NG’s budget deficit in 2022 as the revenues grew faster than the expenditures, helped lift the sentiment at home.”
“However, many investors remained cautious as they are still worried over the elevated inflation. Based on the February inflation forecast of the BSP, inflation may come higher than January’s 8.7 percent. Moreover, S&P Global Philippines Manufacturing PMI was posted at 52.7, lower than January’s 53.5,” she added.