Local stocks closed slightly higher yesterday but an analyst said the market was expected to remain “listless” in the coming days as fund managers refrain from making big investment moves ahead of the Holy Week.
The benchmark Philippine Stock Exchange index (PSEi) rose 0.09 percent, or 7.4 points, to 7,836.34 at yesterday’s close. The broader all-shares index rose 0.13 percent, or 5.74 points, to 4,532.56.
Sub-indices also ended mixed yesterday. Mining and oil led losers, down 0.62 percent, followed by property companies and holding firms, which dipped 0.28 percent and 0.04 percent. Gainers among subindices were led by financials, which rose 0.78 percent, and services, up 0.09 percent.
“It’s just a few days before Holy Week. Usually investors and fund managers tend to shy away from the market now,” Astro del Castillo, First Grade Finance Inc. managing director, said in a phone interview. “It’s not unusual to see the market consolidate before Holy Week.”
Data from the PSE showed that 1.98 billion shares changed hands for P10.19 billion. A total of 95 companies gained while 79 declined while 50 closed unchanged.
Actively traded stocks were led by SM Investments Corp., which declined 1.22 percent to P888 a share.
This was followed by Ayala Land Inc., which lost 0.54 percent to P36.95; Metropolitan Bank and Trust, up 0.67 percent to P97; Philippine Long Distance Telephone Co., up 0.35 percent to P2,838, and BDO Unibank Inc., up 1.25 percent to P121.50. Miguel R. Camus