PSEi flat as traders await cues

Investors were mostly on the sidelines Monday as they awaited the release of key local and international economic data as well as first quarter earnings results.

The benchmark Philippine Stock Exchange Index (PSEi) managed to eke out gains although trading volume was weak. By the closing bell, the PSEi was up 0.37 percent, or 28.74 points, to 7,897.02 while the broader all-shares index rose 0.17 percent to 4,864.39.

A total of 1.1 billion shares valued at P5.8 billion changed hands, data from the PSE showed. There were 97 decliners against 89 gainers, while 52 companies closed unchanged.

Among subsectors, holding firms, industrials and financials closed in positive territory while services, property and mining and oil dropped.

Local buying supported the market as foreigners were net sellers to the tune of P42.91 million.

Property giant Ayala Land Inc. was the most actively traded Monday as it closed unchanged at P48.50 per share.

It was followed by GT Capital Holdings, up 0.58 percent to P865; Bank of the Philippine Islands, up 0.30 percent to P83.70; PLDT Inc., down 0.98 percent to P1,208; and Metropolitan Bank & Trust, up 0.33 percent to P76 per share.

Other actively traded issues were Ayala Corp., up 0.56 percent to P900; SM Prime Holdings, down 0.98 percent to P40.50; Universal Robina Corp., up 2.39 percent to P145.50; SSI Group Inc., up 7.14 percent to P3; and ISM Communications, up 14.03 percent to P5.77 per share.