PSEi ends flat as investors stay on sidelines
Iris Gonzales (The Philippine Star) - April 23, 2019 - 12:00am

MANILA, Philippines — The Philippine stock market opened the week on a flat note following the Lenten break. 

The benchmark Philippine Stock Exchange index ended at 7,832.43, down 2.72 points or 0.03 percent. The broader All Shares index was also down two points or 0.04 percent to close at 4,834.68. 

Most of the gauges were also down except for the holding firms and services index which managed to end in the green although marginally. 

Market breadth was negative, 101 to 74 while 54 issues were unchanged. Total value turnover reached P6.679 billion. 

Christopher Mangun, head of research of Eagle Equities, said “it was another flat trading day at the PSE as continued foreign inflows support this market. Foreign inflows picked up significantly with foreign net-buying at P1.25- billion.”

Mangun said yesterday’s tone may dictate the market’s behavior for the rest of the week.

“We had a slow start to the week which may continue as local investors sit on the sidelines, spooked and are unwilling to buy into this market. Support remains at 7,800,” he said.

Traders said investors also opted to shift to bonds with many offerings in the market now as these are deemed safer than equities with good returns.

Some foreign investors also chose to stay on the sidelines, spooked by US sanctions against Iran.

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