Share prices ended slightly higher Monday on lack of moving news.
The Philippine Stock Exchange index (PSEi) was up 5.44 points to 7,197.61, a 0.08 percent hike.
The broader all shares index was up 2.36 points to 3,832.79, a 0.06 percent hike.
Losers edged gainers 96 to 93 with 57 stocks unchanged. Trading turnover reached P6.66 billion.
The peso closed at 50.32, up from 50.35 on Friday.
The currency opened at 50.28, an intraday high, and hit a low of 50.37. Trading turnover reached $658.1 million.
Robert Dan Roces, Security Bank Corp. chief economist said the peso is currently consolidating ahead of the Monetary Board’s meeting.
Markets were counting on vaccines to curb Omicron’s impact after reports showed symptoms caused by the strain may not be as bad as initially feared, with focus shifting to recent policy maneuvres in China and upcoming central bank meetings, Reuters reported.
The most important is the Federal Reserve’s two-day review which wraps up on Wednesday, while in Asia, investors await Indonesia and the Philippine central banks’ meetings on Thursday.
“Asia’s economic adaptation to mobility restrictions has improved, and rising vaccination coverage provides a layer of defenses,” Citi analysts wrote in a note, adding that economic reopening will continue to fuel optimism.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market “started the week quietly, following the US CPI (consumer price index) release last Friday.”
“Investors will now focus on other data being released this week and its effect on the larger global economy, such as with retail sales and mortgage applications data on the 15th.
Initial jobless claims will come out on the 16th. Meanwhile special attention will be given to the last round of meetings from central banks,” he said.
Limlingan said investors are also likely to monitor the Federal Reserve’s two-day meeting on December 14 and 15.
“The Fed’s December statement will also be accompanied by an updated summary of economic projections, the first since September, which many investors are awaiting. Here at home, the BSP’s Monetary Board will be meeting on the 16th,” he said.
Most actively traded Monde Nissin Corp. was up P0.12 to P16.21. Ayala Land Inc. was up P0.45 to P36. BDO Unibank Inc. was up P1 to P124.50. Ayala Corp. was down P20 to P849.
Globe Telecom Inc. was up P34 to P3,400. Wilcon Depot Inc. was up P0.30 to P33.30.
Converge ICT Holdings Inc. was down P1.65 to P31.25. SM Prime Holdings Inc. was up P0.45 to P35.60.
