Stocks close flat for second straight session

The local stock barometer ended flat for a second session in a row on Wednesday as investors reassessed recent gains.

The main-share Philippine Stock Exchange index (PSEi) shed 13.32 points or 0.16 percent to close at 8,508.49, tracking an overnight slump in US stocks.

The PSEi closed at a record high 8,523.07 on Monday while an intraday high of 8,605.15 was hit on Friday last week.

The index was weighed down by the holding firm, services, mining/oil and property counters.

On the other hand, the financial counter gained 1.32 percent while the industrial counter also slightly firmed up.

Value turnover for the day stood at P7.67 billion.

There were 128 decliners that edged out 91 advancers while 36 stocks were unchanged.

The PSEi was weighed down by ALI, which slipped by 2.85 percent, while SM Investments also declined.

On the other hand, Metrobank, Megaworld and Metro Pacific added 2 percent after announcing their third quarter earnings reports.

RRHI and BPI also added 1.63 percent.

GT Capital, URC, BDO, SM Prime, Meralco and SMC also eked out slight gains.

Outside of the PSEi, notable gainers included IMI (+12.8 percent) and MacroAsia (+13.81 percent).