Index ends flat as investors remain cautious
MANILA, Philippines - The local benchmark index ended flat Tuesday as the market awaits for potential leads in the Monetary Board’s upcoming meeting this Thursday.
The PSEi went up slightly by 0.15 percent or 10.50 points to close at 7,068.03, while the broader all shares index climbed 0.08 percent or 3.48 points at 4,177.23.
“Investors remain cautious ahead of the monetary board meeting. So basically, they are playing it safe,” said Astro del Castillo, managing director First Grade Finance Inc.
Del Castillo said China’s slightly more than expected growth in gross domestic product also lifted the mood locally.
All counters except the property counter ended in positive territory. Services firms led those in the green with an increase of 0.85 percent or 18.12 points while property firms lost 1.22 percent or 33.50 points.
Abroad, the three indexes on Wall Street were all up, with the Nasdaq picking up 1.35 percent, the S&P 500 gaining 0.91 percent, and the Dow adding 0.12 percent.
Market breadth stayed positive as advancers edged out decliners, 89 to 87, while 46 stocks did not change. Value turnover grew to P7.12 billion from P6 billion the previous day.
“So until the local monetary board’s meeting this Thursday, we can expect market to trade sideways at the range of 7,000 to 7,100,” Del Castillo said.
- Latest
- Trending
