Trading on the Philippine bourse lost steam on Wednesday, closing with modest gains on prospects of positive corporate earnings in the second quarter, while many investors opted to stay on the sidelines pending the central bank’s decision on key policy rates.
The benchmark Philippine Stock Exchange index inched up 0.09 percent or 7.40 points and settled at 7,836.34. The All Shares index added 0.13 percent or 5.74 points to 4,532.56.
“Traders will check for policy guidance from the local central bank’s meeting, specifically on forward indications of whether changes might be considered in the coming months,” Grace Cerdenia, research head at F. Yap Securities Inc., said.
“For now, several (market participants are) looking into preliminary corporate earnings indications, as some scout for stocks that have good demand prospects for the second quarter,” Cerdenia said.
The PSEi traded in the red during most of the day following dips in the US markets, with the Dow Jones Industrial Average down 104.90 points, S&P 500 down 12.92 points and Nasdaq down 16.25 points.
The sectoral indices were mixed, with financials, industrial and services indices posting gains while holding firms, mining and oil, and property showing losses.
Top gainers were Metropolitan Bank and Trust Company, Philippine Long Distance Telephone Company, BDO Unibank Inc., Alliance Global Group Inc., GT Capital Holdings Inc. and Ayala Corp.
Total volume stood at 1.97 billion shares, valued at P10.18 billion. Advancers outnumbered decliners 95 to 79, while 50 issues closed unchanged.
On Tuesday, the PSEi slipped 0.15 percent or 11.55 points to 7,828.94, while the All Shares index lost 0.24 percent or 10.96 points to 4,526.82.