The local stock market traded flat as investors wait for cues from the inaugural speech of US President Donald Trump.
The main index shed just 2.23 points or 0.04 percent to close at 6,349.89 with sectoral indices equally divided although the Property counter saw a big drop. Volume was thin at 1.54 billion shares worth P3.81 billion as losers outnumbered gainers 105 to 98 with 48 unchanged.
“Philippine shares started the week on a flat note as the markets watch for incoming President Trump to be sworn in later today,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that “focus shifts to Monday's inauguration of Donald Trump, where investors will watch for early policy announcements.”
Key economic releases include existing home sales and S&P Flash PMI data. Locally, the Philippine Trade Balance report for December will be released on Jan. 24, offering insights into the country’s trade performance.
Philstocks Financial Research Manager Japhet Tantiangco said “the local market edged lower this Monday as investors traded cautiously while waiting for US President-elect Donald Trump’s inauguration. Investors in particular are waiting for the incoming President’s policies in his first few days in the office.”
“Foreign selling added to the day’s decline with net outflows at P107.92 million,” he noted.