The stock market recovered from intra-day losses on Monday to end the day just shy of returning to the 8,500 level.
The benchmark Philippine Stock Exchange index (PSEi) rose by 0.38 percent or 32.42 points to close at 8,499.98. The broader All Shares eked out a 0.06-percent or 2.82-point gain to end at 5,066.38.
A Regina Capital Development Corp. analyst said the local market mirrored gains overseas.
All of Wall Street’s main indices ended in the green on Friday, led by the tech-heavy Nasdaq Composite (up 1.77 percent), S&P 500 (up 1.60 percent), and the Dow Jones (up 1.39 percent).
Papa Securities Corp. equity trader Gabriel Perez, meanwhile, said there was “a rotation from cyclical stocks to defensive ones. Foreigners bought Jollibee Foods Corp. (+3.6 percent) at the expense of Ayala Land, Inc. (-3.2 percent).”
“We might see more hesitation in the next few weeks especially if investors anticipate higher inflation in February and rising benchmark rates,” he added.
Both the Bangko Sentral ng Pilipinas and the US Federal Reserve will hold policy meeting next month with rising inflation expected to be on the agenda.
Locally, only the services and property sectors posted declines, falling by 0.40 percent and 0.83 percent, respectively.
Over 4.78 billion issues valued at P9.8 billion changed hands.
Market breadth, however, remained negative as losers outnumbered winners, 112 to 105, while 43 issues were unchanged.