The local stock market continues to move sideways as investors wait for third quarter earnings reports.
The main index eked out a gain of 6.53 points or 0.09 percent to close at 7,413.16 as Services and Industrials advanced, but more sectors were in the red. Volume improved to 916 million shares worth P5.31 billion as gainers edged out losers 99 to 94 with 55 unchanged.
“Philippine stocks ended slightly up as investors remained cautious, opting to stay on the sidelines while awaiting fresh catalysts, such as companies' third quarter earnings results,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that “sentiment was dragged by U.S. stocks, which declined on Monday, retreating after a strong performance last week, as investors awaited key corporate earnings reports."
"While sentiment remains largely positive, with optimism that equities have more room to advance, concerns about elevated valuations—particularly in the run-up to the U.S. presidential election—along with rising geopolitical risks, could lead to increased market volatility,” he also said.
Philstocks Financial Research Manager Japhet Tantiangco said “the local market’s marginal gains are seen to be reflective of investors' expectations of good third quarter corporate results and continuous monetary policy easing by the BSP."
"The gains were tempered however by the rise of the US’ treasury yields and the weakening of the local currency,” he added.