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Local stocks closed marginally higher Monday even as investors remained cautious ahead of the US June inflation report.
The benchmark Philippine Stock Exchange index initially traded above 6,400, but eventually yielded to selling pressure and closed at 6,379.72, up by 0.69 points or 0.01 percent.
Value turnover was thin at P2.39 billion as investors stayed on the sidelines.
“The initial buying momentum dissipated as investors digest Chinese economic data, particularly the flat consumer prices and fall in producers prices, which indicate an increasing risk of deflation,” China Bank Capital managing director Juan Paolo Colet said.
