PSEi flat, traders on wait-and-see mode
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Mon, 29 Jul 2019 16:24:06 +0000
THE local stock market finished slightly higher on Monday as investors stayed on the sidelines ahead of the Federal Reserve’s two-day meeting.
The benchmark Philippine Stock Exchange index (PSEi) rose by 0.06 percent or 4.53 points to close at 8,188.52 while the wider All Shares grew by 0.15 percent or 7.44 points to end at 4,963.04.
AAA Southeast Equities Inc. research head Christopher Mangun said investors went on a last-minute buying while on a wait-and-see mode ahead of the Fed’s policy meetings on July 30 and 31, where a quarter-point rate cut is expected.
P2P Trade Online sales associate Gabriel Jose Perez shared the same view, adding that no catalysts are to be expected in the following days that could buoy market trading.
“The PSEi was able to stay above the support at 8,150 However, it is looking weaker and weaker by the day. We will not see the market go up until we get more volume. Hopefully it can still trade between the range of 8,150 and 8,300,” Mangun said.
The local market traded in line with its US counterparts, with the Dow Jones inching up 0.19 percent, S&P500 rising 0.74 percent, and the Nasdaq increasing 1.11 percent.
In Asia, Tokyo slipped 0.19 percent, Shanghai dipped 0.12 percent, Hong Kong fell 1.03 percent, Seoul plunged 1.78 percent, Jakarta dropped 0.49 percent, Singapore shed 0.70 percent, and Bangkok was down by 0.75 percent.
In Manila, only the industrial and services sectors are in the red, losing 0.16 percent and 1 percent, respectively.
Over 667 million issues were traded valued at P4.8 billion.
Losers led winners, 100 to 91, while 53 issues were unchanged.