Local stocks were hardly changed in thin trade on the first day of the so-called “ghost month” alongside lackluster regional markets.
The main-share Philippine Stock Exchange index added 0.01 point to close at 6,420.79, giving up earlier gains. Across the region, stock markets were mostly weaker, tracking the overnight decline in Wall Street stocks. This was alongside jitters on how soon the US Federal Reserve will begin to scale back its monetary stimulus.
At the local market, most sub-indices were slightly firmer except for holding firms (-0.78 percent), which was the only sub-index that slumped for the day. Value turnover was sluggish at P4.95 billion as the “ghost month,” or the period when Chinese investors deem it unlucky to make big investments, kicked in.
The index at least stabilized after a three-day slump. There were 69 advancers that outnumbered 49 decliners while 51 stocks were unchanged.
The stocks that kept the PSEi afloat were SMC (+2.74 percent), RLC (+2.09 percent) and SM Prime (+2.07 percent) while Meralco, Jollibee and Philex all gained more than 1 percent. Aboitiz Power, Ayala Land, Metrobank and First Gen also contributed gains to the index.
The day’s laggers were AEV (-3.23 percent) and the day’s most actively traded company was SMIC (-1.51 percent).—Doris C. Dumlao