Christopher Mangun is head of research at AAA Southeast Equities, a stock brokerage company based in Makati City.
He gave his overall insights regarding the sentiments of investors on trading in the stock market today.
Mangun cited that the general feeling is that investors remain very cautious, despite the dearth of panic selling today.
Most of them are on the sidelines, waiting for a more favorable environment, he cited. Mangun remarked that they are expecting investors to trade sideways at this point.
He described the active nature of retail investors for the time being, with several second-liners trading as much as blue chips.
Several of the latter posted minor gains, which facilitated the Philippine Stock Exchange (PSE) to end slightly higher, despite more foreign outflows and average trading volumes, the AAA Southeast Equities research executive explained.
Based on the news posted online by The Philippine Star, an English-language print and digital newspaper in the Philippines, the stock market opened this week on a robust note.
Nevertheless, feelings of wariness remain among investors, primarily due to the lingering effect of the coronavirus (COVID-19) disease that was initially reported from Wuhan, China, on December 31, 2019.
Various territories around the world have reported cases, with patients indicating common signs of infection.
They comprise respiratory symptoms, shortness of breath, breathing difficulties, fever, and cough.
Investors have expressed their concern because of the far-reaching effects of the COVID-19 disease that have led to the demise of over 1,100 patients in China.
The benchmark Philippine Stock Exchange index (PSEi) surged 44.85 points or 0.61 percent to end at 7,326.85.
Meanwhile, the broader All Shares index increased 19.59 points or 0.45 percent, finishing at 4,338.70.
Nevertheless, the sectoral gauges presented an assortment. Financials, holding firms, and industrial ended in positive territory.
On the other hand, property, services, as well as mining and oil gauges finished in the negative territory.
As market breadth was optimistic, the total value turnover reached P7.836 billion. Forty-nine issues were left unchanged, with 107 advancers to 77 decliners.
Traders relayed that bargain hunting and anticipation of strong corporate earnings brought some investors back to the market.
Amid earnings anticipation and rate cut hopes, online stock broker Philstocks Financials affirmed that bargain hunting sent the local market up by 44.85 points or 0.62 percent at 7,326.85.
The company pointed out that conglomerates took the lead, rising 1.35 percent.
Foreign selling was higher at P4.76 billion, for a net international selling of P336 million, while foreign buying reached P4.42 billion.
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