Share prices stall ahead of 4th SONA

MANILA, Philippines — Share prices were almost unchanged yesterday, ending 12.02 points, or 0.14 percent, higher at 8,270.07 as investors adopted a wait and see stance ahead of President Duterte’s State of the Nation Address.

The broader All Shares gauge was also slightly up by 1.73 points, or 0.03 percent, to end at 5,010.71.

Most of the sectoral gauges finished in positive territory except for the industrial and services index.

Total value turnover  reached P6.740 billion. Market breadth was negative, 102 to 94 while 53 issues were left unchanged.

Foreign funds continued to enter with foreign buying reaching P3.6 billion and foreign selling at P2.9 billion or a net foreign selling of P759 million.

2Trade Asia said the market tried to test the 8,300 level but closed flat with continued net foreign buying.

Market investors may have more leads after President Duterte’s 4th State of the Nation Address on Monday where he could provide a picture of where the Philippines may be heading from now until the end of his term in 2022.

Philstocks Financials said lower inflation and stronger peso forecast from economic managers as well as rate cut expectations from the Fed are keeping investors optimistic.

The Development Budget Coordination Committee slashed its inflation rate assumption for 2019 to a range of 2.7 to 3.5 percent from three to four percent previously due to the slowing general increase in prices of widely used goods and services after last year’s successive multi-year highs.