Index ends flat as investors await GDP growth figures

MANILA, Philippines — The stock market was virtually flat yesterday as market investors stayed on the sidelines waiting for the economic figures to be released tomorrow.

The benchmark Philippine Stock Exchange index (PSEi) finished flat at 8,008.67, up 1.21 points or 0.01 percent.

Likewise, the broader All Shares gauge was  in the green, up 10.97 points or 0.22 percent to finish at 4,809.97.

Most of the sectoral indices were also up except for the property and holding firms which finished in the red.

Total value turnover reached P6.466 billion. Market breadth was negative, 115 to 104 while 34 issues were unchanged.

Traders said market investors are staying on the sidelines ahead of the government release of the full year and fourth quarter 2018 gross domestic product figures tomorrow.

According to a unit of Moody’s Corp., Philippine economic growth likely picked up in the fourth quarter of last year after slumping in the third quarter due as a result of higher oil and food prices.

In a report, Katrina Ell, economist at Moody’s Analytics, said the Philippines’ gross domestic product (GDP) growth likely picked up to 6.8 percent in the last quarter of 2018 after slowing down to 6.1 percent in the third quarter.

It sees full year GDP growth expanding by 6.5 percent in 2018.