Index ends flat on lack of cues
The Philippine Stock Exchange index (PSEi) dipped 0.05 percent, or 4.16 points, to close at 7,867.49. The broader All Shares index followed suit, dropping 0.07 percent, or 3.51 points, to settle at 4,689.88. File
MANILA, Philippines - The stock market ended yesterday its five-day winning streak, finishing flat due to the absence of market moving news, analysts said.
The Philippine Stock Exchange index (PSEi) dipped 0.05 percent, or 4.16 points, to close at 7,867.49. The broader All Shares index followed suit, dropping 0.07 percent, or 3.51 points, to settle at 4,689.88.
“After successive days of finishing positive, Philippine markets closed the day slightly down due to lack of cues and attention drawn toward the recent oil production resolution by the major producers,” Regina Capital managing director Luis Limlingan said.
The market continued to follow trends of foreign equities, with most Asian stocks also retreating on news of plunging crude oil prices.
Local counters again were mixed at three apiece. Services led those in the green, gaining 1.01 percent, while industrial took the biggest blow with a 0.69 percent loss.
Value turnover expanded to P8.09 billion from the previous day’s P6.48 billion.
Market breadth closed the week on a positive note with advancers dumping decliners, 100 to 94, while 48 stocks were unchanged.
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