Stocks inch up on thin trading

The Philippine Stock Exchange index (PSEi) posted some gains as bargain hunters returned to the local stock market after the Easter break.

The main index added 11.21 points or 0.16 percent to close at 6,996.11 although sectoral indices were evenly mixed. Volume was still thin at 751 million shares worth P3.66 billion aa losers outpaced gainers 96 to 90 with 47 unchanged.

“Philippine shares closed slightly higher as investors brace for a week of major first quarter US earnings reports ahead,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “For this week, Wall St. also anticipates the release of a few key economic data including housing data estimates, jobless claims on Apr 21, and private sector PMIs on Apr 22.” On the other hand, Philippine Balance of Payments is expected to be released within this week.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Monday’s sideways trading ended in the positive territory as bargain hunters continued to take opportunities in the local market.”

He noted that, “Monday’s net value turnover is the lowest year-to-date so far. This reflects the lack of conviction in the market as many stay on the sidelines due to the lingering headwinds including the rising yields in the US, and inflation worries here in our country.”

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