Trading flat as key data loom

MANILA  -Philippine stocks hovered just below the 6,700 resistance zone as investors await potential make or break catalysts due in the coming days.

By the closing bell on Tuesday, the benchmark Philippine Stock Exchange Index (PSEi) slipped 0.13 percent, or 8.67 points, to 6,622.01 while the broader All Shares index was flat at P3,487.71.

Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said there was a slew of upcoming corporate and economic releases in the pipeline.

Major announcements include Wednesday’s policy meeting by the US Federal Reserve as well as Philippine gross domestic product performance for 2023.Meanwhile, a total of 550.64 million shares valued at P4.48 billion changed hands while foreigners offloaded stocks as net sales hit P566.33 million, data from the stock exchange showed.

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PSE subsectors were mixed with mining and oil, services and holding firms climbed while financials, industrial and property slumped.

BDO Unibank Inc. was the top traded stock as it shed 1.04 percent to P143.40 per share.

It was followed by International Container Terminal Services Inc., up 1.44 percent to P239.40; GT Capital Holdings Inc., up 4.11 percent to P659; SM Investments Corp., up 0.11 percent to P923; and Ayala Land Inc., down 1.49 percent to P33 per share.

JG Summit Holdings Inc. was up 4.27 percent to P39.10; SM Prime Holdings Inc., flat at P33.70; Universal Robina Corp., down 0.44 percent to P112.50; Ayala Corp., down 0.15 percent to P660; and AREIT Inc., up 3.81 percent to P32.70 per share.

Stock market advancers and losers were evenly matched 91-91 while 47 companies closed unchanged, data from the stock exchange showed. INQ