The gains were led by the financial and property counters, which both gained over 1 percent. The holding firm and services counters both added less than 1 percent.Value turnover stood at P5.04 billion. A substantial portion of the market’s liquidity had been siphoned off by the P14.7-billion initial public offering of DDMP REIT, whose listing was deferred to Wednesday from Tuesday.
Mangun said the meager trading value indicated that many investors were staying on the sidelines and taking a wait-and-see stance.There were 125 advancers that edged out 76 decliners, while 52 stocks were unchanged. Investors picked up shares of grocery chain operator Puregold and JG Summit, which both gained over 3 percent.
The continued rally by Puregold was a sign that investors are taking the same strategy at the beginning of the lockdown, said Mangun, referring to the shift to “essential industries” play. —DORIS DUMLAO-ABADILLA