Local stocks recovered early session losses to close marginally higher on Monday and stay above 5,100 in light trading ahead of the long Lenten break.
The main-share Philippine Stock Exchange index closed 3.13 points or 0.06-percent higher at 5,110.86. The index was down more than 20 points earlier in the day but a late-session buying allowed it to close in positive territory.
The index was supported by the modest gains of the industrial and holding firm counters. The financial, services, mining/oil and property counters ended in the red.
“Trading this week will be light in volume but high in volatility,” said Joseph Roxas, president of local stock brokerage Eagle Equities.
Value turnover amounted to only P3.11 billion as against the P7.85-billion average daily turnover in the market in the first quarter. Dealers said many investors stayed on the sidelines because many were already on vacation mode. Trading activities seasonally thin out ahead of the Lenten break.