Stocks flat in heavy trade


Philippine share prices on Monday closed little changed as risk-takers met enough sellers worried about global uncertainty.

The benchmark Philippine Stock Exchange Index (PSEi) on Monday fell by a marginal 0.09 percent or 6.38 points to close at 6, 892.69, while the wider All Shares was stronger by 0.22 percent or 8.58 points to finish at 3, 995.24.

“Two things are evident in today’s [Monday] market, there is enough risk-taking to support the market when it falls but a still rather uncertain future leads the same to click on the sell button at significant price advances,” Jun Calaycay, head of research at A&A Securities said.

Total value turnover was strong at P7 billion, with gainers edging out losers, 114 to 69, while 39 issues remained the same.

“The PSEi breezed past the 6,900-mark early in week’s opening trades. This is the fourth time the measure has forayed into this territory this year – and it managed to hold it on top at the close only once. And the count remains at one as profit-taking in the afternoon session pulled the measure back into the red eventually settling at 6,892.69, -6.38 points [-0.09 percent] lower,” Calaycay said.

He noted that the 7, 000-point level is achievable, provided the market sees stronger domestic economic data and diminishing global headwinds. Manufacturing data is due out on Thursday.

“But what Monday’s trade showed was that reaching back into the 7,000-level is a strong possibility – the market just needs either of two things or both: a dissipation of the external headwinds and/or stronger domestic numbers investors can focus on,” he added.


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