MANILA, Philippines - Local stocks ended flat yesterday as geopolitical concerns dampened investor sentiment.
The Philippine Stock Exchange index slightly fell 0.07 percent or 4.94 points to 6,869.94, while the broader all shares index eased 0.10 percent or 4.20 points to 4,115.79.
“With the US and European equities sliding overnight, the local market investors found no reason to cheer and sustain Monday’s advance into a second day,” said Accord Capital Equities Corp. analyst Justino Calaycay Jr.
Share prices failed to move past recent highs, if at all it was able to reach so. On the other hand, prices were able to successfully hold off the bears at the intermediate support levels,” Calaycay said.
The geopolitical tensions in Ukraine and Gaza Strip caused anxiousness in Wall Street on Monday. The Dow Jones Industrial average shed 0.28 percent or 48.45 points to close at 17,051.73, while the broader Standard & Poor’s 500 index slipped 0.23 percent or 4.59 points to 1,973.63.
Close to home, most regional markets posted gains. Japan’s Nikkei rose 0.84 percent or 127.57 points to 15,343.28 while Hong Kong’s Hang Seng index rallied 1.69 percent or 394.97 points to finish at 23,782.11.
Local counters were mixed yesterday. Mining and oil led the decliners as it shed 1.32 percent or 221.60 points to 16,616.53 but the service sector added 0.16 percent or 3.40 points to 2,089.33.
Investor participation improved as P8.11 billion worth of shares changed hands compared with P5.44 billion on Monday. Losers outpaced advancers, 88 to 69, while 65 stocks did not change.
Most active stocks closed lower, led by Alliance Global Group Inc. (-2.90 percent) and Nickel Asia Corp. (-5.99 percent) that succumbed to profit taking. BDO Unibank Inc. (+0.11 percent) and Security Bank Corp. (+0.34 percent) bucked the trend yesterday.