The local stock market managed to rise a few points after opening weaker as the listing of Converge ICT failed to inject excitement among investors.

PSE  PSE file photo - Stocks overcome initial profit taking
PSE file photo (Photo credit: https://www.pse.com.ph)

The main index gained 7.13 points or 0.11 percent to close at 6,491.19 withe sectoral indices evenly mixed.

Volume surged to 2.7 billion shares worth P31 billion due to the Converge listing as losers edged out gainers 107 to 102 with 44 unchanged.

“Philippine shares initially continued to struggle for direction, bouncing around the break-even line, as several uncertainties loomed large. By the closing, however, a value stock-led rally pushed major indexes into the green,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

AAA Equities Head of Research Chris Mangun noted, “We saw some profit taking in early trading however, investors were quick to pick up issues that pulled back.”

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