Trading remains lackluster

TRADING at the stock market was flat yesterday as investors moved to consolidate recent gains.

The main-share Philippine Stock Exchange index (PSEi) lost 0.53 point or 0.01 percent to close at 6,765.93.

Value turnover was still thin at P5.46 billion. Despite the PSEi’s decline, investors scouted for buying opportunities among second- and third-liners. As such, there were 84 advancers that edged out 78 decliners in the market. Foreign investors also continued to place bets on local equities, with net foreign buying for the day amounting to P479 million.

The market was weighed down by large-cap stocks like SM Investments Corp. (-1.2 percent) and SM Prime Holdings (-0.84 percent) while BDO, Metrobank and Aboitiz Power also declined.

Gains by Bloomberry (+3.07 percent) and Megaworld (+2.59 percent) tempered the PSEi’s decline while PLDT, Ayala Land, Ayala Corp. and Energy Development Corp. likewise firmed up.

The most actively traded stock was stock debutante Century Pacific (CNPF), which bucked the sluggish market by rising 10.63 percent. It was the most actively traded stock at the market. Doris C. Dumlao