All eyes on Middle East: Trading opens with caution

MANILA — Philippine shares were flat on Monday as investors stayed on the sidelines and awaited further developments in the Middle East conflict.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) inched up by 0.02 percent, or 1.08 points, to 6,444.08.

The broader All Shares Index increased by 0.12 percent, or 4.16 points, to 3,425.71.A total of 564.1 million shares valued at P3.41 billion changed hands, stock exchange data showed. This is lower than the month-to-date average of P5.16 billion as traders remained cautious, according to Philstocks Financial Inc.

READ: Markets bounce as Middle East fears ease, US inflation in view

“Philippine shares started the week quietly on thin volume as the market awaits further updates on the geopolitical front,” said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.Sy family-led SM Investments Corp. was the top-traded stock as it went down by 1.42 percent to P935 each.

It was followed by Ayala Land Inc., up 1.85 percent; Metropolitan Bank and Trust Co., up 2.83 percent; and Ayala Corp., down 1.53 percent. —Meg J. Adonis INQ