PSEi flat on lack of catalysts
Credit to Author: TYRONE JASPER C. PIAD| Date: Mon, 21 Oct 2019 16:20:12 +0000
The local bourse ended flat on Monday from thinner volume caused by lack of catalysts to propel market sentiment.
The Philippine Stock Exchange index (PSEi) inched up by 0.08 percent or 5.90 points to end at 7,891.13 while the wider All-Shares barometer dropped 0.03 percent or 1.29 points to finish 4,753.75.
“Drastically low volume of only P3 billion plagued the PSEi once again today on a lack of catalysts,” Papa Securities Sales Associate Gabriel Jose Perez said.
Perez said that resistance level for the PSEi remains at the 7,900 to 8,000 range. This “could hold in the near-term as we wait on major US market movements and third quarter earnings in the local scene.”
This week, Universal Robina Corp. (October 24), Cemex Holdings Philippines (October 25) and Manila Electric Co. (October 28) are set to release their third quarter performance report.
Meanwhile, brokerage firm 2Tradeasia said the local bourse was flat “on thin trade with anemic net foreign selling.”
Foreign selling reached P2.9 million on Monday.
Wall Street was down. Dow Jones, S&P 500 and Nasdaq slipped by 0.95 percent, 0.39 percent and 0.83 percent, respectively.
In Asia, Tokyo surged by 0.25 percent, Shanghai inched up by 0.05 percent, Hong Kong climbed by 0.08 percent, Seoul was up 0.20 percent, Jakarta jumped by 0.10 percent, and Singapore increased by 0.96 percent.
Thailand and Vietnam, meanwhile, dropped by 0.63 percent and 0.57 percent, respectively.
In Manila, sectors ended in mix. Financials, industrial and services were up while rest dipped.
Volume turnover stood at 403.79 million valued at P3.35 billion.
Losers outnumbered winners, 98-86, while 59 issues were unchanged.