The local stock market lost most of the day’s gains but still managed to kick off the new month in the green.
The main index inched up 5.81 points or 0.09 percent to close at 6,181.06 with sectoral indices evenly split. Volume jumped to 2.11 billion shares worth P11.51 billion as gainers edged out losers 98 to 92 with 44 unchanged.
“Philippine shares started the month slightly up as investor digested the latest core personal consumption expenditures data. The latter increased 0.2 percent month-on-month in July and 4.2 percent year-on-year, matching estimates from economists polled by Dow Jones,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Assistant Research Manager Claire Alviar said, “on the last trading day of the week, the local bourse rebounded as investors took the opportunity to buy at bargain levels after the sharp decline yesterday.”
“Moreover, the expansion of China’s factory activity in August boosted sentiment in Asia, including in the Philippines,” she added.
Alviar noted though that, “the market’s gain was trimmed on the last minute given the August inflation forecast of the Bangko Sentral ng Pilipinas (BSP). The BSP released yesterday its inflation projection which hinted at the possibility of higher inflation than July's 4.7 percent, contrary to earlier expectation of a continued slowdown.”