Index ends almost flat amid lack of catalysts

MANILA, Philippines — Stocks ended almost flat yesterday amid a lack of catalysts.

The benchmark Philippine Stock Exchange index or PSEi slipped to 5,943.52, down 3.10 points or 0.05 percent while the broader All Shares index dropped 3.18 points or 0.08 percent to finish at 3,562.63.

The rest of the gauges were a mixed bag, with services and financials ending in the green while the mining and oil, industrial, holding firms and property counters slipped into negative territory.

Total value turnover reached P6 billion. Market breadth was negative with 106 decliners to 78 advancers, while 58 issues were unchanged.

“Local shares finished flat ahead of the FTSE rebalancing and after the Federal Reserve policy outlook. The PSEi was generally muted post the press conference by the Fed chairman that the rate will stay low until 2023,” said Luis Limlingan of Regina Capital.

“The PSEi ended slightly lower, mainly flat as gains in Ayala-led large cap issues Ayala Corp. and BPI and grocery chain Puregold were offset by minor losses in SM, the index’s heaviest weighted issue. The main index continues to hover around the 6,000 level as volatility remains minimal. Investors continue to take a cautious stance on equities while monitoring the pace of the economy’s recovery. We firmly believe that the market is on a path higher as long as economic activity continues to pick up and we do not see any unpleasant surprises,” Chris Mangun of AAA Southeast Equities said.