Index finishes flat on sluggish trades

MANILA, Philippines — Trading turned sluggish yesterday, leaving the main composite index virtually flat at 7,895.06 points, or just 0.20 percent higher than Tuesday’s closing rates.

The broader All Shares gauge was down 4.52 points or 0.09 percent to end at 4,840.34

The indices were a mixed bag with the industrial, property and mining and oil ending in negative territory.

Total value turnover improved a bit at P6.447 billion. Market breadth was positive, 100 to 99 while 45 issues left unchanged.

Gabriel Perez of Papa Securities gave this comment: “The index continues its streak of ending flat as it closed this time 15.85 points up at 7,895.06. The market continues to trade sideways on lack of internal catalysts — the nearest one being March’s inflation release on Friday. Initial resistance for the PSEi remains in the area of its 50-day moving average at 7,900.”

Bloomberry, which gained 4.6 percent, Security Bank, which rose 1.9 percent were the day’s top gainers.

Security Bank was driven by the highest net foreign buying of P111 million.

On the other hand, Manila Electric Co. was down 1.6 percent as was Aboitiz Power which was down 1.4 percent.

Metro Pacific Investments Corp. had the highest net foreign selling record for the day at P65 million.