Investors sidelined as SoNA awaited
Local shares ended Friday marginally higher on a softer greenback.
During the intraday, the market moved sideways amid a lack of fresh leads.
Most investors were also on the sidelines as the market recorded the lowest net value turnover this year.
Investors are waiting for President Marcos’ Jr.’s first State of the Nation Address (SoNA) and the Federal Reserve’s decision on interest rates next week, Philstocks Financial Research Analyst Claire Alviar said.
The Philippine Stock Exchange index closed at 6,263.39, up by 7.22 points (0.12 percent) on turnover of P2.77 billion.
Investors also digested a slump in oil prices.
Fuel prices were tamed by higher United States (US) gasoline stockpiles and after the European Central Bank’s surprise moves stoked demand worries, while returning oil supply from Libya and the resumption of Russia’s gas flows to Europe eased supply restraints, Regina Capital Development Corp. Managing Director Luis Limlingan said.
Brent crude futures lost 4.8 percent to end the session at $101.79 a barrel. US West Texas Intermediate crude futures dropped 5.06 percent to $94.83.
Philippine Stock Exchange index closed at 6,263.39, up by 7.22 points.
Decliners dominate
Despite the market ending in the green, decliners still outnumbered advancers at 92 to 82, while 56 issues were unchanged.
Sectors were mixed. Holdings led the gainers, up by 0.76 percent while Miners had the biggest loss of 1.49 percent.
Meanwhile, Wilcon Depot Inc. was at the forefront while Ayala Land Inc. declined the most by 2.35 percent.