Stocks finish flat on lack of catalysts

MANILA, Philippines — The stock market ended flat yesterday amid the lack of market catalysts.

Fears that the recent damage as a result of Super Typhoon Ompong may further aggravate inflation may have also turned off investors.

Inflation in August soared to 6.4 percent and the devastation left by Ompong on the country’s top rice producers Cagayan and Isabela may add to the pressure and aggravate the situation, traders said.

 The benchmark Philippine Stock Exchange index (PSEi) finished at 7,413.56, up 0.41 points or 0.01 percent.

 On the other hand, the broader All Shares index lost 5.30 points or 0.11 percent.

 The sectoral indices also mostly struggled to move up — with most staying in negative zone — mining and oil, financials holding firms and services gauges.

 The industrial and property, however, managed to stay afloat.

 Total value turnover was thin, a clear sign that investors opted to stay on the sidelines. A total of 99 issues declined and 95 issues advanced. Forty-four were unchanged.

 Astro del Castillo, managing director of First Grade Finance Inc. said investors are waiting for better catalysts.

 “Investors opted to stay on the sidelines yesterday. Most preferred to sit out until a clearer picture on the impact of the recent typhoon to the economy is seen. Renewed concerns on the US-China trade spate contributed to the anemic trades yesterday. Expect market to trade sideways given the litany of uncertainties in the horizon,” Del Castillo said. ###