Stocks up slightly in thin trade

The benchmark Philippine Stock Exchange index (PSEi) ended with marginal gains on Monday as investors await the government’s moves on further opening up the economy.

By the closing bell, the PSEi was up 0.39 percent, or 22.73 points, to 5,861.39 while the broader All-Shares index gained 0.29 percent, or 10.35 points, to 3,530.98.

Chris Mangun, research head at stockbrokerage firm AAA Equities, said the daily volume of P3.49 billion, which was lower than average, indicated that investors remained unconvinced about jumping back in the market.

“The sentiment remains cautious as the government is set to announce the new status of quarantine restrictions in the country in the next few days,” Mangun said in a research note to investors on Monday.

He added, however, that he expected the market “will continue sideways as it builds momentum for a bigger move.”

Even then, subsectors were a mixed bag on Monday as the property and mining and oil indices sank 0.63 percent and 0.49 percent, respectively.

Gainers were led by holding firms, up 0.83 percent, followed by industrial, up 0.43 percent.

Data from the PSE showed 1.13 billion shares valued at P5.08 billion changing hands on Monday. There were 113 decliners against 88 gainers while 38 companies closed unchanged.

Dito CME Holdings Corp. was the most actively traded on Monday, gaining 6.9 percent to P4.49 a share.

It was followed by SM Prime Holdings, unchanged at P28.50, BDO Unibank, down 0.63 percent to P86.45, Ayala Land, down 1.49 percent to P29.80 and Metrobank, up 1.73 percent to P38.25 a share.

—MIGUEL R. CAMUS