The Philippine Stock Exchange index (PSEi) ended a bit higher on Tuesday, Dec. 2, after listless trading during the day as investors remained cautious ahead of the release of inflation figures for November.
The main index inched up by 5.11 points, or 0.09 percent, to close at 5,994.4, mainly due to the strength of the services sector. The property and industrial counters were almost flat, while a majority of indices were in the red.
Volume was thin at 1.13 billion shares worth ₱5.48 billion. Gainers edged out losers—97 to 95, with 59 unchanged.
“The local bourse closed slightly higher as sentiment improved after the PPI [producer price index] came in better than expected, helping ease concerns over rising cost pressures,” said Regina Capital Development Corp. managing director Luis Limlingan.
He added that, “Overall trading remained measured ahead of this week’s inflation data and the Fed’s [United States (US) Federal Reserve] policy decision next week, with investors waiting for clearer macro signals.”
Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market’s sideways movement ended in the positive territory as investors hunted for bargains. Expectations of a tempered inflation last November and a BSP [Bangko Sentral ng Pilipinas] policy rate cut this December fueled positive sentiment.”