Index barely rises in lackluster trade

MANILA, Philippines — The benchmark Philippine Stock Exchange index managed to end on a positive note amid lackluster trade, barely rising by 28.74 points to settle at 7,897.02.

Likewise, the broader All Shares index was up 8.04 points or 0.16 percent to finish at 4,864.39.

The sectoral gauges were divided. The holding firms, industrial and financials indices ended in positive territory.

On the other hand, the mining and oil, property and services gauges finished in the negative zone.

However, despite a positive outcome, market breadth was  negative, a reflection that market investors stayed on the sidelines.

Total value turnover, meanwhile, was thin at P5.805 billion. Market breadth was negative, 97 to 89 while 52 issues were unchanged.

Gabriel Perez of Papa Securities said yesterday’s session was a reflection of another boring day at the Philippine stock market.

“It was another dull day for the index as the PSEi traded sideways for most of the day, before only being bought up at the close. The index ended 28 points up at 7,897.02. Value turnover was subdued at only P5.3 billion,” he noted.

He said it’s still too soon to tell if the market would be more active in the coming days.

“Potential month-end window dressing could be tempered by the upcoming holiday on Wednesday,” he said.