Index barely moves in directionless trading

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) was virtually unchanged yesterday, gaining by just 18.61 points or 0.24 percent as investors opted to take a wait and see stance, analysts said.

The broader All Shares index rose 4.87 points, or 0.10 percent, to end at 4,800.67.

The sectoral indices, meanwhile, were a mix bag. The holding firms, services and mining and oil ended in the red while the property, financials and industrial gauges finished in positive territory.

Total value turnover remained thin at P5.136 billion. Market breadth was negative, 101 to 82 while 60 issues were left unchanged.

“The PSE continues to trade sideways ahead of, yet another make-or-break parliamentary vote on Brexit. Major Asian equities markets ended slightly lower,” said Christopher Mangun of Eagle Equities.

He said that trading volumes were thinner yesterday than they have been since the beginning of the week, with trading value at P4.67-billion excluding block sales.

Foreigners continue to reduce exposure as foreign net-selling today stands at P110.5-million.

“The main index is currently almost unchanged for the week. The range wherein it trades, continues to tighten with immediate support now at 7,700. Blue chips have seen heavy price movements which may be an effect of foreign money leaving the market,” Mangun said.