PSEi closes flat; Gloomy weather tempers appetite for stocks
The local stock barometer ended flat on Tuesday as investors awaited fresh catalysts while inclement weather hounded Metro Manila.
The main-share Philippine Stock Exchange index inched up by 2.95 points or 0.05 percent to close at 6,355.69.
“The gloomy weather affected the market mood in today’s trading. Most investors opted to remain on the sidelines,” said Astro del Castillo, managing director at fund management firm First Grade Finance.
“Market participants are waiting for fresh incentives particularly on the outcome of the economic and defense talks between Philippines and the United States,” he added.
Tariff talks
President Marcos is currently in the United States to meet with US President Trump, hoping to lower the 20 percent reciprocal tariff on Philippine exports to America that would take effect on Aug. 1.
The financial, industrial, property and mining/oil counters kept the PSEi marginally higher.
On the other hand, holding firms and services counters ended lower.
Foreign investors were net sellers but for a small amount of P14.7 million.
Shares of Bank of the Philippine Islands and Ayala Land Inc. rose by 1.51 percent and 2.14 percent, respectively.
JG Summit also contributed to the PSEi’s gains as it advanced by 1.21 percent.
DigiPlus Interactive continued to be the day’s most actively traded stock, slipping by another 1.1 percent. In the last few weeks, regulatory uncertainties have soured sentiment on the company, previously a stock market darling.
SM Investments shed 1.02 percent, while BDO Unibank, International Container Terminal Services Inc. and Globe Telecom all declined by less than 1 percent.
Some P4.99 billion worth of shares changed hands at the stock market.
Advancers slightly edged out decliners 97 to 96, while 45 stocks were unchanged.
