PSEi barely moves as market awaits rate direction

The benchmark Philippine Stock Exchange Index (PSEi) closed flat on Wednesday after bulls and bears encountered a stalemate ahead of the Monetary Board’s meeting later today, March 24.

The PSEi added 0.007 percent, or 0.49 points, to 7,009.43 while the broader all-shares index rose 0.24 percent, or 8.96 points, to 3,724.75.

Index movements were mainly tied to news events.

Converge ICT Solutions added nearly 6 percent after the Securities and Exchange Commission approved its maiden bond offer.

PLDT Inc. was also up 3 percent as investors weighed the impact of the more liberalized telecoms and transport regime while International Container Terminal Services Inc. pulled back more than 3 percent, paring recent gains.

PSE subsectors ended mixed as industrial, property and mining and oil moved higher while financials, holding firms and services fell.

A total of 1.41 billion shares valued at P5.89 billion changed hands while net foreign selling slowed to P734.5 million. Overall, there were 85 losers against 91 advancers while 48 companies closed unchanged.

In a separate PSE notice, CTS Global Equity Group Inc. said its initial public offering shares were priced at P1 each, valuing the share sale at P1.37 billion.

CTS Global is selling shares from March 29 until April 4 this year. It is targeting to make its PSE trading debut on April 13 under the symbol “CTS.”