After a three-day decline, Philippine shares posted a modest recovery despite the absence of any market-moving news.
The Philippine Stock Exchange index (PSEi) reversed early losses, gaining 8.75 points, or 0.14 percent, to end at 6,399.99, while the wider all-shares index went up 2.60 points or 0.07 percent to 3,869.32.
Regardless of the upturn, First Grade Finance Inc. managing director Astro Del Castillo said in a phone interview that the market remains in a consolidation mode.
”There’s still no market-moving news as investors stay on the sidelines while waiting for the FOMC [Federal Open Meeting Committee] meeting,” Del Castillo said.
The FOMC monetary policy meeting, set for Wednesday, will highlight official economic projections from the Federal Reserve, among others.
Majority of the sectoral indices remained on a corrective phase. Mining and oil fell by 50.72 points or 0.36 percent to 14,226.09, while financials slid 2.06 points or 0.13 percent to 1,545.05.
Property and services were flat. Property slipped 0.08 percent while services slid by 0.04 percent.
Holding firms rose 22.04 points or 0.37 percent to 5,915.46, while industrials improved 22.67 points or 0.23 percent to 9,826.64.
The value of shares traded stood at P7.3 billion.
Losers outpaced gainers 92 to 73 while 44 issues were unchanged.
The most actively traded stocks on Monday were JG Summit Holdings, Inc., SM Prime Holdings, Inc., Philippine Long Distance Telephone Co., Manila Electric Co., Ayala Land, Inc., SM Investments Corp., Manila Water Company, Inc., GT Capital Holdings, Inc., Universal Robina Corp., and Ayala Corp.