Stocks slightly recover on thin, lackluster trades

MANILA, Philippines — The stock market was virtually flat yesterday, marking yet another lackluster day in the local bourse.

The benchmark Philippine Stock Exchange index finished at just 7,891.13, up 5.90 points or 0.07 percent.

On the other hand, the broader All Shares index slipped 1.29 points or 0.02 percent.

Not surprisingly, the indexes were a mixed bag with property, mining and oil and holding firms ending in negative territory.

On the other hand, the financials, industrial and services gauges finished in positive territory.

Total value turnover was also noticeably thin. Market breadth was negative, 98 to 86. Fifty nine issues were unchanged.

“The local index closed flat following the latest development on Brexit with the British government requesting to delay the new Brexit agreement, negotiated by Prime Minister Boris Johnson after UK lawmakers postponed a vote last Saturday,” said AB Capital Securities.

The UK Parliament effectively voted against Johnson’s plan to have the Oct. 31 dateline extended.

Luis Limlingan of Regina Capital said the decline in US stocks also weighed on the market.

“Philippine stocks trade flat, weighed down by steep losses from major US heavyweights in Boeing and Johnson & Johnson. The broader market was also pressured by a decline in Netflix shares that led other big tech stocks lower,” Limlingan said.