Philippine stocks led losses in the region, extending declines to a second session before ending flat yesterday amid a “lack of catalysts,” as investors were on a wait-and-see mode on major market movements and earning results.
The benchmark Philippine Stock Exchange index (PSEi) rose by 5.9 points or a mere 0.08 percent to finish at 7,891.13, while the all shares index shed 1.29 points or 0.03 percent.
The peso ended stronger at 51.115 from 51.295 on Friday.
The currency opened strong at 51.23, hit a low of 51.24 and a high of 51.095. Trading volume amounted to $1.1 billion.
“Drastically low volume of only P3 billion plagued the PSEi once again on a lack of catalysts. The index ended flat, up 5.9 points after being bought up at the close,” said Gabriel Jose Perez, trader at Papa Securities Corp.
“The 7,900 – 8,000 level still remains to be the resistance area for the PSEi — one that could hold in the near-term as we wait on major US market movements and 3Q earnings in the local scene,” he added.
Half of the six local counters were in the red, led by property, followed by mining and oil and holding firms which dipped 0.78 percent, 0.4 percent, and 0.07 percent, respectively.
The financial, industrial, and services indices managed to post gains of 0.85 percent, 0.44 percent, and 0.44 percent, respectively.
Decliners prevailed over advancers, 98 to 86, while 59 stocks were unchanged.
“Philippine stocks trade flat, weighed down by steep losses from major US heavyweights in Boeing and Johnson & Johnson. The broader market was also pressured by a decline in Netflix shares that led other Big Tech stocks lower. Several Tech companies in the US will be reporting its earnings this week, which may set the tone for the rest of the week,” saidLuis Limlingan, managing director at Regina Capital Development Corp..