Market flat due to absence of fresh investment catalysts
The local stock barometer was flat Friday on the eve of Lunar New Year, in the absence of fresh catalysts for investors to load up stocks.
The Philippine Stock Exchange index added 1.03 points or 0.01 percent to close at 7,333.67 on selective buying of large-cap stocks.
Across the region, stock markets were mostly steady ahead of the Lunar New Year turnover.
At the local stock market, the index was up by 101.01 points or 1.4 percent for the week from last week’s finish of 7,232.66 . Early in the week, the market loaded up on stocks ahead of the country’s fourth quarter year-on-year gross domestic product (GDP) growth. On Thursday, GDP growth came in within expectations at 6.6 percent.
This year, Philippine GDP growth is seen slowing to 6.6 percent from last year’s 6.8 percent, resulting in a softening of earnings growth to single-digit levels from last year’s estimated 10-11 percent growth.
The day’s gain was led by services, which rose by 1.11 percent while the financial and industrial counters also gained slightly.
On the other hand, mining/oil counter slipped by 1.16 percent while the holding firm and property counters also declined.
Even though the PSEi increased by a hairline, market breadth was negative. There were 92 decliners that outnumbered 82 advancers while 62 stocks were unchanged.
Value turnover for the day amounted to P5.13 billion.
The PSEi was led higher by LTG, which rose by 4.57 percent as government authorities cracked down on illicit cigarette trading that has gnawed on its market share in the last few years.
Metrobank and GT Capital both gained over 1 percent while SM Prime, Jollibee, ICTSI, AGI and EDC also firmed up.
Outside of the PSEi, Bloomberry gained 2.6 percent amid the resurgence of gaming play. D&L and RRHI also firmed up in relatively heavy volume.
On the other hand, Ayala Land, Semirara and Ayala Corp. all declined. Security Bank, SM Investments and AEV also slipped.
