The main index eked out a gain of 2.33 percent or 0.04 percent to close at 6,593.80 as the Mining sector led the advance although most gains were offset by the weakness of the Services counter. Volume was thin at 804 million shares worth P3.96 billion as losers beat gainers 97 to 75 with 53 unchanged.
“Philippine shares opened the month of August modestly higher ahead of a flood of corporate earnings reports, local CPI, and banking data,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He added that, “On the US macro data front, investors await the job openings and labor turnover numbers from June and the July manufacturing purchasing managers’ index will also be released Tuesday.”
Philstocks Financial Assistant Research Manager Claire Alviar said that, “Following three consecutive days of market decline, the local bourse recovered, fueled by positive cues from Wall Street and the anticipation of a slower inflation at home.”