The local stock market inched up on late trades as investors started picking up bargains.
The main index added 14.85 points or 0.23 percent to close at 6,511.57 as Conglomerates led the advance while Banks and Miners retreated.
Volume was relatively steady at 1.53 billion shares worth P4.52 billion as losers outnumbered gainers 108 to 99 with 39 unchanged.
“Philippine shares traded in the red for most of the session before closing slightly higher to finish above the 6,500 mark again,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Meanwhile, US stocks closed mixed as US Federal Reserve minutes highlighted heightened inflation risks, dampening hopes for significant rate cuts this year.
According to the latest minutes of the Federal Open Market Committee's (FOMC) December meeting, the FOMC indicated it was “at or near the point at which it would be appropriate to slow the pace of policy easing."
“Investors now await Friday’s December payrolls report,” said Limlingan.