PSE index closes flat as investors stay on sidelines

The local stock barometer started the week flat and on a meager trading volume, defying mostly firmer regional markets, as investors lacked fresh incentives to participate.

The main-share Philippine Stock Exchange index (PSEi) shed 0.09 point to close at 7,186.62.

Trading volume was puny at P3.38 billion, the lowest in recent history.

“It looks like we’re in for a lackluster ride with the PSEi trading in between its recent range of 7,000 to 7,350 in the coming days as lack of positive catalysts coupled with renewed net foreign selling are keeping the index at bay,” local stock brokerage Papa Securities.

The brokerage said 6,900 to 7,000 would be the support level to watch given that there had been bargain-hunting at those levels.

The PSEi was weighed down most by the industrial, services and mining/oil counters.

On the other hand, the financial, holding firm and property counters firmed up slightly.

There were 105 decliners that edged out 81 advancers while 49 stocks were unchanged.

The PSEi was weighed down most by Metrobank, Jollibee and RRHI, which all fell by over 2.72 percent.

Metrobank, the day’s most actively traded company, was battered by rumors of a new loan scam but this was denied by the bank.

URC and JG Summit both slipped by over 1 percent while SM Prime and AGI also both declined.

Outside of the PSEi, notable decliners included third telco aspirant Now Corp., which fell by 3.93 percent.

On the other hand, BPI and SM Investments both advanced by over 1 percent. Ayala Corp., Metro Pacific, ICTSI, GT Capital and PLDT all firmed up.

Non-PSEi company Megawide added 1.46 percent.