Stocks inch up on weak volume

The main index inched up 10.33 points or 0.14 percent to close at 7,163.21 as the Mining and Oil sector led the advance with only Holding Firms in the red. Volume fell to 1.33 billion shares worth P3.87 billion as gainers outpaced losers 96 to 83 with 56 unchanged.

Data from the Bangko Sentral showed there were more inflows of short-term investments into the Philippines than outflows in Feb. Meanwhile, U.S. equities opened the first trading day of Apr. with gains as investors looked past the miss in the Mar. labor report. Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Late day buying sent the local market higher. Helping in Monday’s climb is the anticipated decline in fuel prices which in turn tempers inflation expectations.“

He added that, “Confidence towards our economy’s recovery supported by the S&P Global Philippines Manufacturing PMI for March with a reading of 53.2, also gave sentiment a boost.”

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