The local stock market ended almost flat as investors continue to wait for fresh economic news amid uncertainty in the global front.
The main index inched up 2.69 points or 0.04 percent to close at 6,252.19 with sectoral indices evenly mixed. Volume was still low at 622 million shares worth P4.88 billion as gainers beat losers 92 to 77 with 66 unchanged.
“Philippine and US stocks closed mixed on Monday as investors awaited a heavy lineup of earnings, economic data, and trade developments,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Key releases this week include GDP, the Fed’s preferred inflation gauge, and Friday’s non-farm payrolls.
Rizal Commercial Banking Corporation Chief Economist Michael L. Ricafort said “The Philippine Stock Exchange Composite Index (PSEi) gained for the second day in trading days, though modestly, after the US dollar/peso eased/improved anew.”
