The local stock exchange started the week softer but was able to recover losses to end the day flat.

PSE  PSE file photo - Stocks flat as investors wait for new clues
PSE file photo (Photo credit: https://www.pse.com.ph)

The main index was up just 0.16 points at 6,685.85 with only the Holding Firms counter remaining in the red.
Volume was lower at 1.71 billion shares worth P8.02 billion as gainers beat losers 131 to 83 with 43 unchanged.
“Local shares closed flat after trading mostly negative for most of the session as investors waited for third quarter GDP and the latest MSCI rebalancing results, continued assess the implications of the US election results, and weighed a surge in COVID-19 cases,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
AAA Equities Head of Research Chris Mangun said “Buyers were mainly on the sidelines despite the rally in other Asian markets. Investors may be waiting for developments on the status of the global economy as well as the political situation in the U.S. before deciding whether to make a move in the market.”
He noted that, “SM Prime carried the whole index higher as its substantial gains covered minor losses in the rest of the blue chips.

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