Stocks end flat on lack of fresh catalysts

MANILA, Philippines — Share prices ended flat yesterday as investors stayed on the sidelines, still keeping a wary eye on how the coronavirus pandemic will affect the economic outlook both locally and on a global scale.

The benchmark Philippine Stock Exchange Composite index (PSEi) finished at 5,892.72 or just 1.56 points (0.02 percent) lower than Tuesday’s close.

The broader All Shares index, on the other hand, ended in the green, albeit by just a hairline, at 3,545.14 or 1.21 points (0.03 percent) higher.

Total value turnover reached P4.45 billion. Market breadth was slightly positive, with 92 gainers to 90 losers, while 56 issues were unchanged.

“The PSEi ended flat for the third straight session. The market continued to remain on the sidelines with no fresh catalyst in play. Value turnover so far this week averaged P4 billion versus last week’s P5 billion,” AB Capital Securities said in a market commentary.

Chris Mangun of AAA Southeast Equities added: “The PSEi ended flat, almost unchanged as trading volumes on blue chips remain thin. Investors have been focusing on second-liners evident in the higher than usual volatility on several issues. The general sentiment remains cautious despite the daily improvement in economic activity.”

“There is some concern that without additional mobility, with the easing of restrictions on public transportation as well as reopening of tourism-focused industries, economic activity may be at its peak. Asian markets in general have been moving sideways, left behind by their Western peers. The PSEi is currently down a third of a percent and may continue to trek lower in the last two trading days.”