Stocks flat on lack of stimulus, peso down

    2549

    Share prices ended flat but on the negative side Thursday as investors looked for stimulus that could perk up the market.

    The Philippine Stock Exchange index (PSEi) was down 3.10 points to 5,943.52, a 0.05 percent drop.

    The broader all shares index was down 3.18 points to 3,562.63, a 0.09 percent drop.

    Losers edged gainers 106 to 78 with 58 stocks unchanged. Trading turnover reached P6.01 billion.

    The peso closed at 48.51 to the dollar, down from 48.385 on Wednesday.

    The currency opened at 48.435, hitting a high of 48.40 and a low of 48.53. Trading turnover reached $710.9 million.

    “The market saw flat trading. Investors right weigh(ed) the offshore catalyst of the Federal Open Market Committee decision to hold rates,” said Piper Tan, analyst at Philstocks Financial Inc.

    Tan said an emerging economy market like the Philippines should have experienced an upside but domestic problems as well as the government’s response to the pandemic remain an issue.

    “Despite the late-session buying, foreign funds were net sellers of more than P1 billion,”Tan said.

    Most actively traded BDO Unibank Inc. was steady at P88. Ayala Land Inc. was down P0.05 to P31.40. SM Prime Holdings Inc. was steady at P28.50 PLDT Inc. was down P5 to P1,390.

    Jollibee Foods Corp. was down P3.10 to P130.20. SM Investments Corp. was down P5 to P905. Puregold Price Club Inc. was up P1.45 to P49.15. Universal Robina Corp. was steady at P137. AREIT Inc. was up P0.10 to P35.80. Metropolitan Bank and Trust Co. was down P0.25 to P35.50.