Index ends flat as trading remains in tight range

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi), the benchmark gauge, ended flat yesterday, finishing below the 6,000 mark and starting the week on a lethargic mood.

The PSEi finished at 5,909.32, up by a paltry 0.42 points or 0.007 percent.

On the other hand, the broader All Shares index slipped into negative territory, shedding 4.81 points or 0.13 percent to end at 3,548.77.

Most of the sectoral indexes finished in the red led by mining and oil, services and industrial, while only the property sector ended in positive territory.

Market breadth was negative with 138 losers to 58 gainers, while 42 issues were left unchanged.

Traders said the market continues to trade within a tight range.

“The PSEi ended flat, almost unchanged as the market continues to trade within a tight range. Gains in Sy-led companies SM Prime Holdings, SM Investments Corp., and BDO were offset by losses in Ayala-led blue chips Ayala Land Inc., Ayala Corp., and BPI, which is the opposite of what we saw at the end of last week,” said Chris Mangun of AAA Equities.

SM Prime rose 3.39 percent, while SMIC gained 0.86 percent. BDO was up by 1.24 percent. ALI shed 1.61 percent, while Ayala Corp. lost 0.28 percent.

Overall, he said investors remain cautious despite improving economic activity.

The big movers for the day were the second-line telco issues.

Now Corp. ended yesterday at its ceiling price of P3.58 per share, up by 49.79 percent after the announcement that it has been granted provisional authority to become the fourth telco.

“Its intent to list shares of its subsidiary Now Telecom also lifted the sentiment. It was the most traded stock for the day,” Mangun said.