PSEi ends flat

The local stock barometer ended flat Friday but stayed above 7,600 as investors locked up gains after an early upswing.

The main-share Philippine Stock Exchange index (PSEi) lost 5.69 points or 0.07 percent to close at 7,601.17.

The PSEi was led lower by the property counter, which slipped by 1.09 percent. The services and mining/oil counters also faltered.

Value turnover stood at P8.61 billion. There were 76 decliners and as many advancers while 50 stocks were unchanged.

Ayala Land Inc. weighed down the property counter and the PSEi as it fell 1.67 percent. SM stocks SM Prime, BDO and SM Investments Corp. also fell.

Telecommunication firms PLDT and Globe Telecom also tumbled alongside energy-based conglomerate Aboitiz Equity Ventures.

On the other hand, infrastructure holding firm Metro Pacific Investments Corp. bucked the day’s downturn as it gained 2.62 percent. Energy Development Corp., Petron and Aboitiz Power were all up by more than 1 percent.

Outside of the PSEi, one notable gainer was Security Bank, which gained 2.48 percent. The bank recently hired a new chief executive, Alfonso Salcedo Jr., to develop its retail banking business. Doris Dumlao-Abadilla