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Manila Bulletin devider Business devider The Stock Market devider Stocks continue to advance despite thin volume

Stocks continue to advance despite thin volume

Published Jan 6, 2025 08:24 am

The local stock market started the week on the positive side, with the PSEi sustaining the advance made in the first two trading days of the year.

The main index added 21.36 points or 0.32 percent to close at 6,625.17 although only Banks and Services were up while most sectors were lower. Volume was still weak at 4.54 billion shares worth P3.86 billion as gainers edged out losers 112 to 103 with 52 unchanged.

“Philippine investor continued to slowly reposition into the market as the first full trading week of the year begins,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research Manager Japhet Tantiangco said "the local market extended its rise as investors continued with their bargain hunting. Also aiding in Monday’s session is the investors optimistic expectations towards the Philippines’ December 2024 inflation rate."

This week, key economic data releases in the US include the ISM Services Index on Tuesday and the employment report on Friday. The minutes from the December Federal Open Market Committee meeting will also be released on Wednesday, alongside several speaking engagements from US Federal Reserve officials.

On the local front, the highlights are the December consumer price index, scheduled for release on Jan. 7, and other key indicators such as the forex reserves, unemployment rate on Jan. 9, balance of trade on Jan. 9, and foreign direct investments on Jan. 10.

 

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Regina Capital Development Corporation Luis Limlingan Japhet Tantiangco Philippine Stock Exchange index (PSEi) Philstocks Financial
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