Shares hardly lift amid profit taking
The local market, along with some Asian peers, followed the surge of the US markets last Friday as investors cheered the technology stocks in the US
Amid a lack of catalyst, the Philippine Stock Exchange index mostly traded in the red on Monday. But thanks to last-minute bargain hunting, shares were lifted by 13.06 points to 7,069.68, up 0.19 percent from last week’s close.
Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar noted that apart from bargain hunting, foreigners “helped push the market upwards.”
Net inflow yesterday clocked in at P421.79 million.
“Moreover, the local market, along with some Asian peers, followed the surge of the US markets last Friday as investors cheered the technology stocks in the US,” Alviar said.
Shares managed to eke out gains even with most Asian markets on holiday, and with the big economic releases happening later, Regina Capital Development Corp. managing director Luis Limlingan said.
The country’s gross domestic product and balance of trade are due out on 26 January.
Oil prices rose and posted a second straight weekly gain, spurred largely by brightening economic prospects for China and resulting expectations of a boost to fuel demand.
US crude gained $1.03, or more than one percent, to settle at $87.64 a barrel.
Alviar also pointed out that market participation has weakened; net value turnover was only at P4.20 billion, lower than this month’s running average of P6.36 billion.
Sector performances yesterday were mixed with the Holdings leading the gainers, up by 0.63 percent while Miners had the biggest loss of 0.80 percent.
Among index members, JG Summit Holdings Inc. was at the top, increasing 4.17 percent to P57.40, while Universal Robina Corporation lost the most by 3.45 percent to P140.
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