Index ends flat as investors reposition
MANILA, Philippines — The stock market closed flat yesterday, still unable to recover after its recent correction, as investors recalibrate their portfolios, analysts said.
The benchmark Philippine Stock Exchange index (PSEi) edged up 1.37 points, or 0.01 percent, to settle at 8,814.62, while the broader All Shares index was down 2.66 points or 0.05 percent to finish at 5,098.75.
The counters were a mixed bag with the property, financials, holding firms and services index ending in positive territories, while the mining and oil and industrial counters closed in negative territory.
Total value turnover reached P7.95 billion. Market breadth was negative. Decliners outnumbered advancing stocks, 103 to 96 while 48 issues were left unchanged.
Traders said market investors have been repositioning and looking for bargain after the stock market index rose to an all time high on Jan. 9.
On Jan. 9, the stock market soared to its best ever finish, recording a new record high of 8,923.72.
“Philippine markets settled flat after a see-saw week as investors begin to recalibrate their portfolios,” said Luis Limlingan of Regina Capital.