Stocks open week ahead of earnings results

MANILA, Philippines — The stock market opened the week on a weak note, ending flat ahead of the expected release of corporate earnings results this week.

The benchmark Philippine Stock Exchange index (PSEi), the local stock market barometer, ended flat and was down 9.35 points, or 0.11 percent, to finish at 8,061.54.

The broader All Shares index was also flat, finishing at 4,892.48, down 3.84 points or 0.07 percent.

On the other hand, the property and holding firms finished in positive territory.

Total value turnover, meanwhile, was thinner at P6.001 billion and decliners outpaced advancers, 108 to 105 while 36 issues were unchanged.

Gabriel Perez of Papa Securities said that while the index traded in the green for the entire day, there was a selldown in the latter part of the year.

Among the gainers were Robinsons Land Corp., which was up 6.5 percent, Aboitiz Equity Ventures, which rose 2.4 percent and First Gen Corp. which gained 2.2 percent.

SM Prime rose 1.7 percent. It reported a full year net income growth of 17 percent to P32.2 billion. It has the highest net foreign buying at P134 million.

With a lack of catalysts in the near-term for the PSEi, the 8,100 to 8,200 level should continue to be tough to beat, Perez said.