MANILA, Philippines — Shares prices barely moved yesterday, with the main index ending almost flat, as a lack of stronger catalysts kept investors mostly on the sidelines.
Still, the main Philippine Stock Exchange index or PSEi inched up 4.73 points or 0.07 percent to close at 6,956.26, while the broader All Shares index gained 6.31 points or 0.15 percent to finish at 4,329.95.
The PSEi’s advance – its fifth in a row – however was not enough to push it beyond the psychological 7,000 barrier, with trades limited to a narrow range.
In a report, COL Financial said with the US and Philippine central banks being able to communicate well their policy stance last week, “investors have less uncertainty to price in and along with chatters that local COVID-19 restrictions may further be eased, challenging the 7,000 level this week is a strong possibility again, especially as we close Q3 2021 and look further ahead to 2022.”
A total of P7.607 billion worth of shares changed hands yesterday, with decliners outpacing advancers, 120 to 78, while 42 issues were unchanged.
“The market struggles to break the 7,000 level due to weak market participation, with an average net value turnover in June to date of P5.98 billion only. Also in the same period, foreigners were net sellers amounting to P8.74 billion. The medium-term trend of the market is still sideways, with an upwards bias as it forms higher lows. We are seeing a correction after the short-term uptrend of the main index,” Philstocks Financial said in a report.