Stocks end flat as Asian markets retreat
MANILA, Philippines — The stock market ended flat yesterday as it tracked declines in most markets in the region.
The Philippine Stock Exchange index dipped 0.09 percent, or 7.25 points, to open the week on a sour note at 7,719.47.
The broader All Shares index followed suit, dropping 0.21 percent or 10.20 points to settle at 4,677.09.
“Philippine markets began on a quiet note as the market traded almost unchanged, while value turnover was nearly half of the average,” said Luis Limlingan, Regina Capital Development Corp. business development head.
Limlingan said the absence of major economic data releases gave investors minimal guidance for direction.
As a result, the Philippine stock market became part of the downtrend seen across other Asian stocks on Monday, attributed mostly to increasing US Treasury yields.
The local market was covered in red, with all counters finishing in the negative territory.
Mining and oil counter took the biggest blow, suffering a 1.40-percent plunge, followed by the services counter which lost 0.32 percent.
All in all, decliners pummeled advancers, 103 to 88, while 57 stocks were unchanged. Value turnover thinned to P5.48 billion.
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