PSEi flat ahead of holidays

The local stock barometer ended flat on Wednesday on thin trade ahead of the upcoming Christmas holiday break.

The main-share Philippine Stock Exchange index shed 3.35 points or 0.04 percent to close at 8,362.61 in mixed trading across counters.

“Philippine markets were flat even though the TRAIN (Philippines’ Tax Reform for Acceleration and Inclusion), has been signed into law. Most investors are on the sidelines already enjoying the holidays,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

“There wasn’t much market-making activity, with US indices closing slightly lower Tuesday as the Congress finally passed a bill that allows sweeping corporate tax cuts. However, the process hit a procedural snag at market close, forcing the House to vote again on the package later,” he added.

At the local market, the main index was weighed down by the financial, holding firms and property counters. On the other hand, the industrial, services and mining/oil counters firmed up.

Value turnover was relatively thin at P5.26 billion. There were 110 decliners that edged out 84 advancers while 50 stocks were unchanged.

The PSEi was weighed down most by banking stocks Security Bank, Metrobank and conglomerate GT Capital, which all fell by over 1 percent.

Jollibee, SM Investments, BPI, Ayala Land and Megaworld also slipped.

Outside the PSEi, notable decliners included TBGI, which slid by 15.73 percent due to profit-taking.

Wilcon and Manila Water also dipped.

On the other hand, Semirara and PLDT bounced by over 2 percent. BDO and Ayala Corp. also firmed up.

Outside the PSEi, Megawide and Cebu Air firmed up.