Regional markets turn cautious; PH stocks end flat

The local stock barometer ended flat on Tuesday as a wave of caution swept through regional markets, replacing earlier optimism over US-China trade talks.

The Philippine Stock Exchange index (PSEi), however, managed to cling to the 8,000 mark.

It added 1.21 points or 0.02 percent to close at 8,008.67 as foreign flows continued to perk up selected large-cap stocks.

The services counter kept the main index afloat, rising by 1.22 percent.

The financial, industrial and mining/oil counters also went a tad higher.

Total value turnover amounted to P6.5 billion.

There was P908.64 million in net foreign buying for the day.

Local stock brokerage Papa Securities said the release of the Philippine gross domestic product number later this week remained the near-term catalyst that the market could be waiting for, more so that US markets were closed overnight on account of the Martin Luther King holiday.

“Until then, initial resistance remains in the area of 8,100 to 8,200 while support is seen around 7,700,” the brokerage said.

Despite the PSEi’s slight gain, there were more decliners (115) than advancers (104) while 34 stocks were unchanged.

The index was led higher by conglomerate San Miguel Corp., which surged by 4.42 percent, while ICTSI added 3.27 percent.

Meralco rose by 2.37 percent while BDO gained 1.38 percent.

BPI, Metrobank and SM Investments also firmed up.

On the other hand, Megaworld slipped by 2.05 percent while Ayala Corp., SM Prime, Ayala Land, Puregold and Security Bank all lost over 1 percent.

Jollibee, JG Summit, Metro Pacific and AEV also slipped.