Stocks end flat on lackluster trading

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) was virtually flat yesterday, managing to edge up by only 15.25, or 0.19 percent, to close at 7,930.55 on late bargain hunting.

Likewise, the broader All Shares index rose by 7.24 points, or 0.15 percent, to end at 4,770.93.

Most of the other gauges ended in the green as well except for the mining and oil and holding firms sectors which ended in negative territory.

Total value turnover reached P5.705 billion. Market breadth was positive, 93 to 79 while 57 issues were unchanged.

2TradeAsia gave this comment: “The PSEi ended higher, almost flat on thin trades. Net foreign buying continues at P1 billion.”

It said that all eyes are on the earnings seasons.

Bank of the Philippine Islands raised the curtains among index stocks and was among the first to release its third quarter earnings.

The Ayala-led bank posted P8.29 billion in net income in the third quarter, higher by 38.6 percent compared to the third quarter of 2018. This resulted in P22.03 billion in net income for the nine-month period ending September, an increase of 29.5 percent from the P17.01 billion registered in the same period last year.

Comprehensive Income for the nine-month period was P23.12 billion, up 51.1 percent.