The local stock market slipped a little in a muted reaction to the Trump inauguration as Monday was also a holiday in the US.
The main index dipped by 9.68 points or 0.15 percent to close at 6,340.21 as Miners led the retreat while Conglomerates and Property firms managed to advance. Volume was still thin at 1.01 billion shares worth P3.87 billion as losers beat gainers 104 to 76 with 59 unchanged.
“It was another quiet session for the Philippine markets following the inauguration of President Trump. U.S. markets were closed on Monday for Martin Luther King Jr. Day, but futures trading saw gains as Donald Trump began his second term as president,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that “optimism grew over anticipated pro-economy measures, particularly in banking and energy, while sentiment was supported by news that no new tariffs would be introduced on day one.”
Philstocks Financial Research Manager Japhet Tantiangco said "the local market edged lower this Tuesday as investors maintained a cautious stance while being observant of US President Donald Trump’s first few days in the office."
"Investors are primarily concerned with the specifics of the US President’s planned protectionist foreign trade policies," he added.