MARKET ON HOLIDAY MODE

PH shares close 2016 on a flat note

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PHILIPPINE share prices barely moved on the last trading day of the year, after a two-day winning streak on window dressing, as most investors were already off on holiday for the four-day, New Year weekend.

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The bellwether PSE index dipped by 0.09 percent or 5.80 points to close at 6,840.64, while the wider All Shares advanced by 0.14 percent or 5.90 points to 4,156.07.

Despite touching the year’s high at 8,100 in July, the PSEi took a downhill path on global jitters and closed the year down 1.6 percent 6,952.08 on December 29, 2015, the last trading day of 2015.

Anton Alfonso, RCBC Securities Inc. research analyst, noted the market took a “breather from its two-day 4.27-percent surge.” Any bargain hunting transaction was also offset by profit-taking.

The transactions on Thursday failed to significantly move the market, noted Luis Limlingan, managing director of Regina Capital Development Corp.

“Window dressing may not have been apparent due to the flattish performance of issues, but looking at them individually, it was clear that specific issues were either bought up or sold down during the last trading day of the year,” Limlingan said.

Limlingan is forecasting that global growth will stabilize and not stagnate in 2017, but further monetary stimulus—like negative interest rates—will prove unproductive in spurring growth.

“After raising the federal funds rate by 25 basis points at its December meeting, the median projection in the Federal Open Market Committee’s forecasts are three rate hikes for next year, up from two rate increases in September,” Limlingan said.

“Many developed economies are likely to struggle to consistently achieve 2 percent core inflation over the medium-term,” he added.

The Services, Mining and Oil and Property sectors registered gains, while the Holding Firms, Industrial and Financials posted losses.

Among the actively traded stocks, Philippine Seven Corp. and SM Prime Holdings Inc. were flat. GT Capital Holdings Inc., Metro Pacific Investments Corp., Ayala Land Inc. and PLDT Inc. were among gainers, while SM Investments Corp., Ayala Corp., JG Summit Holdings Inc. and Bank of the Philippine Islands were losers.

The volume turnover reached more than 690.681 million shares worth P6.313 billion. Gainers outpaced losers, 117 to 74, while 50 issues were unchanged.

On Wednesday, the PSEi jumped soared by 2.83 percent or 188.24 points to 6,846.44, while the All Shares climbed by 1.96 percent or 79.57 points to 4,150.17.

The market is closed on Friday, December 29 and on Monday, January 2, 2017. Trading will resume on Tuesday, January 3.

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