Index closes flat on lack of significant leads

MANILA, Philippines - The benchmark Philippine Stock Exchange index (PSEi) closed generally flat yesterday due to the absence of significant leads to push share prices higher.

The PSEi edged up 1.83 points, or 0.02 percent, to close at 7,543.35, while the All Shares index gained 11.67 points, or 0.27 percent, to close at 4,332.27.

Analysts said yesterday’s session was a good welcome to the listing of SBS Philippines Corp. in the local bourse.

In its maiden listing, SBS’ stock price closed at P4.12 per share, 50 percent higher from its initial listing price of P2.75.

Luis Limlingan, analyst at Regina Capital said the index was expected to consolidate between 7,660 and 7,467.13 this week, with a slight bullish bias due to improved technical readings and solid higher lower base.

“However, we have to be watchful of possible support breakdowns because failure to hold initial support at 7,467.13 would pull prices back to 7,272.63,” he said.

The holding firms index declined  16.86 points to 6,818.99, while the Services index shed 13.58 points to end at 2,083.57.

Value turnover stood at P5.81 billion. Advancers edged out decliners, 84, 76 while 48 stocks were unchanged.