Stocks end slightly higher in slow trade

The local stock barometer ended a tad higher on Monday on selective buying of large cap stocks but investors were mostly cautious ahead of the upcoming US Federal Reserve policy meeting.

The main-share Philippine Stock Exchange index (PSEi) added 4.53 points or 0.06 percent to close at 8,188.52. Elsewhere in the region, stock markets mostly traded with caution ahead of the US Federal Reserve’s policy meeting this week.

Investors are on the sidelines as they await the outcome of the US Fed meeting on Wednesday, AAA Securities head of research Christopher Mangun said.

“The PSEi was able to stay above the support at 8,150. However, it is looking weaker and weaker by the day. We will not see the market go up until we get more volume. Hopefully it can still trade between the range of 8,150 and 8,300,” he added.

The PSEi was shored up by the modest gains of the financial, holding firm, mining/oil and property counters.

On the other hand, the services counter fell by 1 percent while the industrial counter slipped by 0.16 percent.

Value turnover was thin at P4.84 billion. Foreigners were net buyers amounting to P180.74 million.

Despite the PSEi’s slight gain, market breadth was negative. There were 100 decliners that edged out 91 advancers, while 53 stocks were unchanged.

The PSEi was dragged down by ICTSI, which lost 3 percent, while Ayala Corp. lost 2.03 percent.

BPI, Ayala Land, URC, PLDT, GT Capital, Meralco and AEV also dipped.

The market’s biggest decliner was Pacific Online, which lost 13.6 percent on news of the shutdown of the lotto and other gaming facilities entered into by the Philippine Charity Sweepstakes Office. Its parent firm PLC and the ultimate holding firm Belle Corp. also fell by 4.11 percent and 3.04 percent, respectively. Meanwhile, Berjaya also fell by 7.79 percent.

On the other hand, SM Prime and Globe Telecom both gained more than 1 percent, while Jollibee, SM investments, BDO, Metrobank, Metro Pacific and San Miguel Corp. all firmed up.