PSEi slides 0.008% as investors await clues

MANILA  -The Philippine benchmark index held steady above 6,500 as buying activity increased while investors monitored economic indicators overseas.

The Philippine Stock Exchange Index (PSEi) slipped 0.008 percent, or 0.52 points, to 6,520.75 while the broader All Shares index was up 0.05 percent, or 1.70 points, to 3,434.41.

“Philippine shares took a breather from the recent rally as investors look forward to more cue on the rate cuts from the [US Federal Reserve],” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Wednesday.

READ: Fed’s Barkin: Central bank ‘nicely positioned’ amid inflation retreat

“On the data front, consumer confidence for December and existing home sales for November are due out on Dec. 20,” he added.

Data from the stock exchange showed 1.15 billion shares valued at P6.32 billion changing hands while net foreign buying hit P166.8 million.

Mining and oil, holding firms and services rose while financials, industrial and property slumped.

Top traded

Ayala Land Inc. was the top traded stock as it retreated 1.02 percent to P34 per share.

It was followed by International Container Terminal Services Inc., down 1.14 percent to P243.20; ACEN Corp., down 4.05 percent to P4.03; SM Investments Corp., up 0.11 percent to P904.50; and GT Capital Holdings Inc., up 2.48 percent to P579 per share.

BDO Unibank Inc. was down 1.53 percent to P129; SM Prime Holdings Inc., up 0.29 percent to P34; PLDT Inc., up 1.17 percent to P1,300; Robinsons Land Corp., up 2.04 percent to P16; and Ayala Corp., up 0.98 percent to P722 per share.

READ: Asian stocks, currencies rise as Fed rate cut bets persist

Overall, there were 96 advancers against 89 losers while 42 companies closed unchanged, data from the stock exchange showed.