Most local stocks closed modestly higher Monday, wiping out the losses in morning trade, aided by gains of the property and mining/oil counters.
The main-share Philippine Stock Exchange index added 8.43 points or 0.16 percent to finish at 5,271.78 in mixed trade. Property and mining/oil counters rose 1.25 percent and 1.34 percent, and making up for the slack in the financial, industrial and services counters. The holding firms counter was likewise a tad higher.
Among the day’s outperformers were Ayala Land (+3 percent) and Globe Telecom (+2.65 percent). On the other hand, the PSEi’s gain was capped by the share price decline of Metrobank (-1.63 percent), AGI (-0.36 percent) and PLDT (-0.44 percent). Value turnover amounted to P4.2 billion. There were 78 advancers that narrowly edged out 71 decliners while 41 stocks were unchanged.
A CIMB-SB Equities joint research issued yesterday said trading for this week could remain listless as investors await a complete assessment of the extent of impact that the torrential rains have brought on the economy.
Metrobank, in its daily commentary, noted that Wall Street had rallied for a sixth straight session on Friday on hopes of further policy accommodations.
The local market might experience a downward pressure on the back of weaker-than-expected second-quarter economic growth in Japan. “Meanwhile, positive trading catalyst for the week would still be the second-quarter corporate earnings results,” Metrobank said.
“Currently, the market is attempting to hold the 5,230 level, [which], if broken, may re-attempt the 5,150 support. Doris C. Dumlao