The local stock market ended flat on Wednesday, but maintained its position a few points above the 7,200 level ahead of the holidays.
The Philippine Stock Exchange index (PSEi) inched up by 0.03 percent or 1.99 points to 7,204.38, while the broader All Shares gained 0.1 percent or 4.31 points to finish at 4,294.45.
AAA Equities head of research Christopher Mangun said there was heavy selling pressure at the open as investors worried over the new mutation of the coronavirus disease 2019 (Covid-19) and some sold to raise cash for the holidays.
“Although, the majority of investors were quick to pick up battered shares, pushing prices higher and deflecting a further sell off,” Mangun continued.
He noted that the market is down 1 percent for the week, which marked its third week of sideways movement.
Regina Capital Development Corp. Managing Director Luis Limlingan, meanwhile, said investors window dressed on certain names in the index.
Limlingan added that optimism on the passage of a new fiscal aid abroad was eclipsed by the reimposition of lockdowns and travel bans caused by the a new Covid-19 strain that spreads faster.
Most local sectors registered minimal gains with services leading at 0.71 percent, while the property and holding firms indices lost 0.38 percent and 0.06 percent, respectively.
Total volume turnover was at 29.39 billion shares valued at P6.94 billion.
Winners edged out losers, 138 to 90, while 43 securities were unchanged.