Index ends flat on mixed sentiments

MANILA, Philippines — The stock market closed virtually unchanged yesterday as investors weighed the optimistic cues from Wall St. against the International Monetary Fund (IMF)’s warning of an unprecedented global economic crisis, according to analysts.

The main composite index Philippine Stock Exchange index (PSEi) edged up by 0.26 point, or 0.004 percent, to close at 6,282.01.

The broader All Shares index on the other hand slipped by 1.21 points, or 0.03 percent, to settle at 3,698.40.

The rest of indexes were down except for the holding firms.

Total value turnover reached P8 billion. Market breadth was negative with 97 losers and   92 gainers  while 61 issues were left unchanged.

“The local market closed flat at 6,282.01 as investors weighed the optimistic cues from Wall Street against the International Monetary Fund’s warning of an unprecedented global economic crisis. Conglomerates were the only gainers climbing 0.42 percent. Industrials led losers by shedding 0.87 percent. Decliners edged advancers 97 to 92,” Philstocks Financials said.

Traders said the mixed sentiment are largely due to hopes of a treatment for the coronavirus disease 2019 or COVID-19 pandemic as roughly 200 companies are now racing against each other to come up with a vaccine against the virus.

At the same time, the International Monetary Fund (IMF) has given a dim outlook on the global economy.

The IMF said it is set to slash economic forecasts as it warned to a crisis “unlike anything the world has seen.”

In terms of local issues, MerryMart Consumer Corp. continued to reach the price ceiling in the stock market, three days after its initial public offering.

The newly listed grocery chain operator closed at P3.37 per share, up 49.78 percent.