Stocks flat on lack of market catalysts

MANILA, Philippines — The stock market ended flat again yesterday due to the continued lack of market moving catalysts, analysts said.

The benchmark Philippine Stock Exchange index ended at 7,818.93, down 13.50 points or 0.17 percent.

Traders said market investors are still digesting the impact of Monday’s earthquake on some listed companies.

On the other hand, the broader All Shares gauge finished in the green albeit by just a notch or 4.36 points to end at 4,839.04.

Most indices ended in negative territory except for the property which gained 0.85 percent.

Total value turnover, meanwhile, reached P6.603 billion. Market breadth was negative, 120 to 72 while 47 issues were left unchanged.

Traders said some investors opted to stay on the sidelines due to lack of catalysts and to assess first the impact of the 6.3 magnitude earthquake on some local  companies.

During the annual stockholders meeting of the SM Group yesterday, officials assured that all SM Malls in Luzon are all in good condition with only superficial damage.

Gabriel Perez of Papa Securities said “the market is expected to continue to move sideways in the coming days on a clear lack of immediate catalysts. External issues to look out for would be movement of US markets, along with the recent upward movements of oil.”