Investors look to US data for trading clues

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) closed flat on Tuesday while trading volume remained muted as investors monitored external developments, including potential indicators leading up to the release of US inflation data overnight.

By the closing bell, the PSEi slipped 0.09 percent, or 5.26 points, to 6,110.88 while the broader All Shares index was down 0.28 percent, or 9.24 points, to 3,286.28.

“Philippine shares closed mixed after Moody’s cut to US outlook, while others were looking ahead to the inflation data this week,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Tuesday.

Trading activity improved over the previous session but remained weak as 361.55 million shares valued at P2.87 billion changed hands. Foreigners were also net sellers to the tune of P107.76 million, data from the stock exchange showed.

Subsectors were mixed with holding firms and property rising, while financials, services, mining and oil and industrial slumped.

Ayala Land Inc. was the top traded stock as it rose 1.56 percent to P29.30 per share.