PSEi ends flat as Mideast risks persist
Philippine stocks ended nearly unchanged on Thursday as investors stayed cautious, weighing geopolitical risks and their potential impact on inflation and policy.
The Philippine Stock Exchange index (PSEi) inched up 0.01 percent or 0.34 point, to close at 6,063.69. This reflected a sideways movement throughout the session.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the Philippine market ended relatively flat as investors remained cautious.
“Sentiment held steady as the market awaited for developments on another possible peace talks in the Middle East, keeping risk appetite in check. Despite this, selective buying in key stocks helped keep the market afloat,” Limlingan said.
Philstocks Financial research manager Japhet Tantiangco said the market’s lack of direction mirrored investor indecision as uncertainties surrounding the Middle East conflict continued to cloud sentiment.
Hopes of a second round of talks between the United States and Iran lent some support. But concerns over rising inflation and the possibility of tighter monetary policy at the Bangko Sentral ng Pilipinas capped gains.
Total value turnover reached P6.78 billion while foreign investors remained net sellers, recording net outflows of P1.01 billion.
Sectoral performance was mixed. Industrials led the gainers, rising 0.99 percent. Services lagged, declining 1.79 percent.
Market breadth was negative with decliners edging out advancers, 100 to 91.
Metropolitan Bank & Trust Co. emerged as the top gainer, climbing 4.29 percent to P69.35.
Converge ICT Solutions Inc. was the main laggard, dropping 2.76 percent to P11.96.
