Stocks end week flat ahead of economic data

0

The Philippine stock market finished a mostly lackadaisical week nearly unchanged in an absence of fresh catalysts following mixed trade on Wall Street overnight and ahead of some economic indicators next week.

Advertisements

Local trading next week is seen moving sideways but with a positive bias.

After giving up initial gains and easing 0.32 percent in the afternoon, the Philippine Stock Exchange index (PSEi) finished nearly unchanged from the previous day, or just 0.02-percent or 1.31 points down at 7,946.89.

The wider All Shares index was 0.06 percent or 2.54 points firmer at 4,536.86.

“The US markets were flat today, so it was but expected that we would follow suit toward closing. Also, there was precaution on the [US] employment figures coming up,” Luis Limlingan, Regina Capital Development Corp. managing director, said.

On Wall Street, the Dow Jones Industrial Average closed up 6.84 points and S&P 500 added 1.64 points, while Nasdaq lost 3.23 points.

“Next week, we are looking at a sideways movement but more on the positive [side]this time. Resistance is at 8,100 points and support at 7,920 points. Investors should look at economic data this [coming]week such as the balance of trade in the Philippines, home sales and jobless claims in the US and PMI data in China,” Limlingan said.

Among the PSE indices, holding firms and services counters gained, while mining and oil dropped 0.77 percent, leading the other indices down.

Most active stocks included SM Prime Holdings Inc., which ended unchanged, while Philippine Long Distance Telephone Company, BDO Unibank Inc., and International Container Terminal Services Inc. gained.

Top decliners were Metropolitan Bank and Trust Company, GT Capital Holdings Inc., Universal Robina Corp., Alliance Global Group Inc., Ayala Corp., and SM Investments Corp.

Value turnover grew to P35.01 billion, with 1.53 billion shares changing hands on Friday.

Limlingan said this was because the P26.5-billion purchase by Metro Pacific Investments Corp. (MPIC) of a 10 percent stake in Manila Electric Company (Meralco) from MPIC’s subsidiary Beacon Electric Asset Holdings Inc. took effect Friday.

Gainers outnumbered losers, 97 to 82, while 41 issues were unchanged.

On Thursday, the PSEi finished up 0.53 percent or 41.74 points at 7,948.20, while the broader All Shares was 0.30 percent or 13.43 points firmer at 4,534.32.

Share.
loading...
Loading...

Please follow our commenting guidelines.

Comments are closed.