The main index welcomed the trading week only with slight gains as investors took profits after its recent rally.
The bellwether Philippine Stock Exchange index (PSEi) inched up by 0.12 percent or 8.83 points to 7,178.62, while the broader All Shares climbed 0.83 percent or 34.87 points to close at 4,254.26 on Monday.
AAA Equities head of research Christopher Mangun said the local bourse experienced selling before the close as investors were quick to take profits after the market’s extended rally.
The bank stocks led the gains as the financials sector improved by 3.33 percent, while the property and services indices declined by 1.74 percent and 0.03 percent, respectively.
Mangun said investors are still optimistic that the economy would rebound once quarantine restrictions are lifted.
The increasingly positive sentiment also almost doubled the daily average turnover value to P11.68 billion.
“We expect the main index to decline further in the coming days as profit-taking ensues,” Mangun noted.
Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said local shares “settled slightly up as positive developments for a vaccine distribution offset negative news of soaring Covid-19 (coronavirus disease 2019) cases and disagreement on new stimulus [in the United States].”
Total volume turnover was at 9.35 billion shares valued at P9.56 billion.