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Stocks mixed on thin trades

Business | The Stock Market

Stocks mixed on thin trades

By James A. Loyola

The local stock market extended its losing streak but some bargain-hunting helped the PSEi to recover most of the day’s losses.

The main index shed 4.39 points or 0.07 percent to close at 6,741.07 with sectoral indices evenly divided. Volume was low at 572 million shares worth P4.26 billion as gainers beat losers 104 to 88 with 52 unchanged.

”Philippine shares traded quietly as the Monday session was sandwiched between a weekend and a long holiday. However, activity would probably pick up after the BSP released its latest decision regarding its key policy rate,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse inched down this Monday amid the shortened trading week. Many also maintained a cautious stance while waiting for the meeting of the Bangko Sentral ng Pilipinas (BSP).”

“Although it has already been anticipated that they would keep interest rates unchanged, investors were waiting for the BSP’s outlook on the inflation rate amid lingering risks. After trading, the monetary board announced the retention of interest rates at 6.5 percent, as expected,” she added.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar

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