The local equities market started the week with a sideways movement, as it waited for what would be contained in the fourth State of the Nation Address (SONA) of President Benigno Aquino 3rd on Monday.
“Everyone is looking at the SONA today [Monday] which is very positive [reaction]. If the reaction is good, market can go up 6,600 to 7,000 levels, with the improvement of US market condition,” Harry Liu, president of Summit Securities Inc., said.
Any dramatic pronouncement from the SONA would help fuel another market run-up over the short term.
Over the long term, Liu said that the market is still projected to go up.
Astro del Castillo, First Grade Finance managing director, said that investors were still on the “sidelines waiting for more corporate earnings to come in in the following days.”
The Philippine benchmark stock index started the week going sideways, inching up by 0.10 percent, or 6.34 points to 6,627.36. Meanwhile, the wider all-shares index decreased slightly by 0.07 percent, or 0.78 points to 4,029.44.
The sectoral indices after Monday’s trade yielded mixed results, with financials adding 0.78 points, or 0.05 percent to 1,596.08, while industrials erased 95.04 points, or 0.96 percent to 9,763.81.
Holding firms dipped by 0.59 percent, or 36.31 points to 6,067.04, while services added 1.03 percent, or 20.60 points to 2,019.37.
The mining and oil counter gained 333.85 points, or 2.32 percent to 14,703.79, while the property index added 23.06 points, or 0.88 percent to 2,639.29.
Total volume traded reached more than 800 million shares, while value turnover topped P4.7 billion.
On Friday, the local benchmark shares index went down slightly by 0.41 percent, or 27.33 points to 6,621.02, while the broader all-shares index decreased by 0.48 percent, or 19.26 points to 4,032.08.