PH stocks begin week with humdrum trading

Local stocks were little-changed in a muted session on Monday as concerns over rising COVID-19 cases around the world resurfaced, an analyst said.

By the closing bell, the benchmark Philippine Stock Exchange (PSE) Index gained 0.03 percent, or 2.1 points, to 7,282.67 while the broader all-shares index was up 0.02 percent, or 0.84 points, to 3,878.95.

News that investment banking giant Goldman Sachs saw the Philippines growing the fastest among the Asean-5 next year did little to perk up buying interest at the PSE.

“Historically, stocks have a good track record of gains [during] Thanksgiving week,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors.

“However, the resurgence in COVID-19 cases globally may either dent or cap gains on equities this week,” he added.

Limlingan said it was a relatively quiet Monday session, with the PSE tracking the performance of regional markets.

Even subsectors failed to show any clear direction. Financials and mining and oil added 0.69 percent and 0.49 percent, respectively, while other subindices shed anywhere from 0.09 percent to 0.3 percent.

Data from the PSE showed 1.06 billion shares valued at P8.5 billion changing hands.

Moreover, foreigners continued to lighten up on their holdings, selling a net amount of P461.9 million on Monday.

A total of 117 companies ended in the red against 71 gainers while 51 firms finished unchanged, data from the PSE showed.

—Miguel R. Camus INQ