PSEi flat after huge NY loss

The local stock market closed flat after bargain hunting late in trade enabled it to deflect the massive losses in global markets after the price of oil dropped to below $50 per barrel.

The Philippine Stock Exchange index (PSEi) closed flat (0.02 percent or 1.11 points ) to close 7,277.74 as bargain hunting ruled in afternoon trade. All Shares index was also up 0.07 percent or 3.02 points to 4,282.72.