Stocks flat, peso up

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    The local stock market index ended flat yesterday as investors are on a wait-and-see mode on events this week.

    The benchmark Philippine Stock Exchange index (PSEi) rose by 2.96 points or a mere 0.04 percent to finish at 8,012.34, while the all shares index shed 0.66 points or 0.01 percent.
    “Philippine shares settled quietly above the 8000 mark due the Veterans Day Holiday in the US,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    “It is also a wait-and-see stance ahead of this week’s events,” said Limlingan, referring to the US House Intelligence Committee’s first public impeachment hearings, and Federal Reserves’ Jerome Powell’s address to Congress.

    “European stocks traded mixed amid a dampening of optimism over U.S.-China trade talks,” he added.

    Four of the six local counters were in the red, led by financials, followed by industrial, holding firms, and mining and oil, which dipped 0.29 percent, 0.22 percent, 0.09 percent, and 0.03 percent, respectively.

    The property and services indices managed to post gains of 0.49 percent, and 0.27 percent, respectively.

    Value turnover stood at P4.73 billion. Decliners prevailed over advancers, 100 to 76, while 57 stocks were unchanged.

    The peso meanwhile closed stronger to 50.73 to the dollar from 50.86; The currency opened at 50.78, hit a high of 50.68 and a low of 50.915. Volume of transactions amounted to $1.55 billion