Stock market flat for 2nd straight day
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Mon, 17 Dec 2018 16:27:29 +0000
THE stock market ended flat for a second consecutive trading day on Monday with investors said to be in an early vacation mode.
Following Friday’s 0.02-percent or 1.45-point gain, the Philippine Stock Exchange index (PSEi) dipped by 0.05 percent or 3.97 points to close at 7,520.40. The wider All Shares inched up by 0.08 percent or 3.60 points to finish at 4,510.10.
Eagle Equities, Inc. research head Christopher Mangun said market players appeared to have already gone on a Christmas break given the low value turnover.
“The PSEi ended the day flat and still above 7,500. However, if low trading value continues, we may see it end in the red for the week,” he added.
P2P Trade Online sales associate Gabriel Jose Perez, meanwhile, said the market — which ignored 2-percent drops on Wall Street last Friday — would be looking for cues from the main US indices.
“We continue to watch out for how US markets perform … as they could still have a hand in dictating the overall sentiment and movement of regional markets and the PSEi moving forward,” Perez said.
“Net foreign selling also continues to pose as a significant overhang for the market so watch out for that in the coming days,” he added.
Foreign funds bought P2.79 billion issues and sold P3.6 billion for a net foreign selling position of P822 million.
Elsewhere, Asian markets mostly rose with traders looking ahead to a key US Federal Reserve meeting and a Chinese policy-setting conference later this week.
Shanghai climbed 0.2 percent and Tokyo finished 0.6 percent higher, while Sydney put on one percent and Singapore jumped 1.2 percent.
Seoul and Taipei each gained 0.1 percent while Wellington added 0.3 percent, but Hong Kong inched down marginally.
In early European trade London dipped 0.1 percent, Paris dropped 0.3 percent and Frankfurt eased 0.2 percent.
Back in Manila, Sectoral results were mixed with the industrial, property, and services indices the only gainers.
Volume turnover stood at 1.05 billion issues valued at P5.9 billion.
Losers led winners, 98 to 93, while 45 issues were unchanged.
With a reports from AFP
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