The local stock market lost most of the day’s gains as investors took profits, but the index still ended in positive territory.

The main index added 9.30 points or 0.14 percent to close at 6,618.52 mainly on gains of Banks as more sectoral indices retreated. Volume improved to 405 million shares worth P5.75 billion as gainers beat losers 81 to 76 with 67 unchanged.

“Philippines shares traded higher, and at one point flirted with the 6700 level as investors assessed how to readjust their portfolios given that interest rates would soon be coming down,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “In a recent television interview with Bloomberg, Finance Secretary Benjamin Diokno stated that he anticipates the central bank to consider a rate cut of up to 100 basis points within the current year.“

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “This Tuesday, the local market inched up as investors took positive cues from Wall Street overnight amid the decline in the US’ long term treasury yields.”

He added that, “The labor data for the month of November was also cheered by many as it showed strong figures with the employment rate rising to 96.4 percent from the preceding month’s 95.8 percent.”

“The local bourse was in the positive territory for the whole session. Heavy selling occurred before the closing bell however, trimming the gains,” Plopenio said.