Philippine shares closed little changed after a volatile session on Wednesday as caution prevailed in the end among traders awaiting clarity on the next move by the US Federal Reserve.
The benchmark PSEi closed at 6,277.87, showing a minimal gain of 0.2 points.
Market participants were hesitant to commit, Luis Limlingan, managing director at Regina Capital and Development Corp. said, adding that many were “waiting for further developments from the Fed.”
The market started the day in positive territory, but gains dissipated as profit takers dominated late trade.
This lack of conviction was evident in the trading activity. Japhet Tantiangco, research manager at Philstocks Financial Inc., pointed to tepid investor confidence, reflected in turnover value of P5.76 billion, which was lower than the year-to-date average of P5.94 billion.
Despite the overall muted performance, there was a noticeable split among sectors. The services sector led the way, rising by 1.65 perecent, while the mining sector saw the largest decline, falling by 1.64 percent.
Foreign investors were net buyers for the day, with purchases totaling P161.26 million.
