Index closes flat on lack of market-moving news

MANILA, Philippines — The stock market opened the week with minimal gains as investors waited for catalysts.

The Philippine Stock Exchange index eked out a 0.02 percent or 1.08-point improvement to close at 6,444.08.

The broader All Shares index likewise grew by 0.12 percent or 4.16 points to settle at 3,425.71.

“Philippine shares started the week quietly on thin volume as the market awaits further updates on the geopolitical front,” Luis Limlingan of Regina Capital said.

Claire Alviar of Philstocks Financial said the local bourse inched up after the strong sell-off last week.

“However, it was noticeable that many investors remained on the sidelines, with the net market value turnover registering at only P3.41 billion, lower than month-to-date average of P5.16 billion,” she said.

“Meanwhile, President Marcos’ directive to ease the importation process of agricultural products provided a boost to market sentiment. This change is anticipated to ease short-term supply issues, which in turn should help reduce inflation caused by supply shortages,” Alviar said.

Sub-indices were a mixed bag, with mining and oil leading the way with a 3.10-percent jump.

Services, meanwhile, posted the biggest drop of 0.67 percent.

Market breadth was positive as advancers edged out decliners, 96 to 82, while 47 issues were unchanged.

Nickel Asia posted the largest gain among the index members with 3.38 percent, while Bank of the Philippine Islands lost the most with 2.42 percent.