The local stock market started the week flat while waiting for cues here and from overseas.
The main index inched down 2.37 points or 0.03 percent to close at 6,968.14 with only the Services counter advancing while the Property sector led the retreat.
Volume was low at 1.75 billion shares worth P5.0 billion as losers beat gainers 119 to 76 with 49 unchanged.
“Philippine shares traded quietly as investors are awaiting the release of the U.S. inflation rate on Tuesday and the Retail Sales report on Thursday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Asian markets in generally traded anemically as the risk of a slower economic recovery from the pandemic amid elevated inflation saps sentiment.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “For the most part of the day, the local bourse was in the negative territory as investors took a cautious stance while waiting for the final decision on the National Capital Region’s social restriction measures starting September 16, 2021.”
He added that, “Trading was lethargic.. this shows that many investors are staying out of the market due to the lingering uncertainties on the future of our social restriction measures, and on the overall COVID-19 and economic situation of the country.”
Source: Manila Bulletin (https://mb.com.ph/2021/09/13/stocks-flat-as-investors-wait-for-cues/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-flat-as-investors-wait-for-cues)
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