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.
In earlier trade, the PSEi sank as low as 7,224 points during the trading session because of losses in the US markets: Dow Jones was down 331.34 points, S&P erased 37.62 points, and Nasdaq lost 74.24 points.
Sectoral indices were mixed with Services counter leading the losers — down 1.25 percent — and the Holding Firms sector advancing the most — up 0.90 percent.
Total volume was at 2.03 billion shares, amounting to P9.95 billion. Decliners were up against advancers, 98 to 84, while the unchanged was at 38. Most active losers were TEL, ALI and URC, while top gainers were EDC, MEG and LTG.
Justino Calaycay Jr. of Accord Capital Equities Corp. said “a surge of buyers in the afternoon session allowed the index to close in the green for the second straight session” in 2015.
On Monday—the first trading day of 2015—PSEi went up 0.64 percent or 46.06 points to 7,276.63, while All Shares index also increased by 0.42 percent or 18.11 points to 4,282.72.