Connect with us

Hi, what are you looking for?


Stocks climb despite lower volume ahead of data

PHILIPPINE shares climbed on Monday even as trading volume declined as most investors were waiting for the release of the country’s June inflation data.

The Philippine Stock Exchange index (PSEi) went up by 34.12 points or 0.48% to close at 7,036.38 on Monday, while the all shares index rose by 20.64 points or 0.48% to finish at 4,315.61.

“The local market rallied for the third straight day on lackluster volume as investors await the inflation data which will be released [on Tuesday],” AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said in a Viber message.

“The PSEi inched higher on lower trading volumes, led by gains in property and holding firms. Monday has always been a slow trading day as most markets abroad are still closed for the weekend,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

“There is a lot of optimism among investors as most are willing to hold and even add to current positions as the economy recovers. However, everyone will be watching the inflation figures that will be out later this week, and any unwelcome surprises may cause a sell-off,” Mr. Mangun added.

Value turnover decreased to P4.31 billion with 1.79 billion shares switching hands on Monday, from the P5.85 billion with 2.77 billion shares traded on Friday.

The Philippine Statistics Authority is scheduled to release June inflation data on Tuesday, July 6.

Inflation in June likely breached the central bank’s target for the sixth straight month, though slower due to improving food supply and falling transport prices, analysts said.

A BusinessWorld poll of 14 analysts held last week yielded a median estimate of 4.3% for June headline inflation, matching the midpoint of the 3.9% to 4.7% estimate of the Bangko Sentral ng Pilipinas for the month. That is faster than the 2.5% print in June 2020 and the central bank’s 2-4% target for the year, but slower than the 4.5% in May.

Majority of sectoral indices closed in the green on Monday except for financials, which inched down by 2.56 points or 0.16% to 1,515.93.

Industrials climbed by 85.15 points or 0.87% to 9,786.63; property went up by 28.26 points or 0.83% to 3,403.40; holding firms gained 35.73 points or 0.5% to 7,062.31; mining and oil improved by 38.76 points or 0.39% to end at 9,877.32; and services rose by 5.23 points or 0.32% to 1,620.04.

Advancers outperformed decliners, 110 versus 98, while 51 names closed unchanged. Foreigners turned sellers anew, logging P82.10 million in net outflows on Monday versus the P754.03 million in net purchases seen on Friday.

“We expect the market to move sideways for now as the sustained trading above the 7,000 level is not yet supported by heavy volume,” AB Capital Securities’ Mr. Soledad said. — Keren Concepcion G. Valmonte

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Lowering VAT charges on fuel may be politically attractive but is not good news for those who will struggle the most, say leading tax...


An estimated 3 per cent of the workforce was signed off in late December and a fifth of businesses reported increased cancellations amid the...


Mark Zuckerberg could be forced to pay most British Facebook users about £50 each if a landmark legal action alleging that the site abused...


France has reopened its borders to British tourists after ministers in Paris eased restrictions on non-essential travel. From this morning, Britons travelling to the...


People struck down with the Omicron variant of the coronavirus are buying so much paracetamol that supplies are running low in many shops. Official...


Covid Passports are to be abandoned within days after Sajid Javid effectively killed off the policy. The health secretary has concluded that Covid-19 certification...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.