• Stocks flat as market digests past gains

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    Philippine shares opened the first trade of the week on a positive note but finished flat as the market continued to digest gains from the rally to 6,500 points last week.

    After a minor correction on Friday, the Philippine Stock Exchange index (PSEi) on Monday registered a miniscule 0.08-percent increase, or 5.40 points to end at 6,487.23.

    The wider all-shares index eased 0.02-percent, or 0.61 points to 3,896.72.

    Elizabeth Abadillo, analyst at Angping and Associates Securities Inc., said in a text message the market ended almost flat because of profit-taking, adding investors also took profits on Friday after the benchmark index jumped to the 6,500-point level.

    Many of the sectoral indices finished firmer except for property, which slipped 0.38 percent, or 9.41 points to 2,442.41.

    Mining and oil registered a minor increase of 0.52 percent, or 75.11 points to 14,525.75, followed by financials, which inched up 0.16 percent, or 2.52 points to 1,566.83.

    Services edged 0.15 percent higher, or 2.99 points to 1,943.56, and holding firms gained 0.10 percent, or 5.61 points to 5,916.72. Industrials closed with a 0.03-percent gain, or 3.21 points to 9,835.05.

    Total value turnover stood at P6.2 billion, while decliners beat advancers, 90 to 57.

    On Friday, the PSEi dipped 0.54 percent, or 34.99 points to 6,481.83, while the wider all-shares index lost 0.34 percent, or 13.30 points to 3,897.33.

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