PSEi ends week practically unchanged on lack of fresh catalysts

The local bourse ended the week barely moving an inch as investors struggled to find an exciting catalyst ahead of the central bank’s rate-setting meeting.

By the end of the session on Friday, the benchmark Philippine Stock Exchange Index (PSEi) had added 0.06 percent, or 3.71 points, to close at 6,281.58.

Likewise, the broader All Shares Index rose 0.07 percent, or 2.44 points, to end at 3,737.58.

A total of 803.64 million shares worth P6.44 billion changed hands, stock exchange data showed.

Japhet Tantiangco, research head at Philstocks Financial Inc., said the bourse’s slight gain was due to bargain hunting, although investors also showed some optimism on expectations that the Bangko Sentral ng Pilipinas would cut rates next week.

The Bangko Sentral ng Pilipinas is set to announce its latest monetary policy stance on Aug. 28.

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International Container Terminal Services Inc. was the most actively traded stock as it closed unchanged at P489.80. It was followed by SM Investments Corp., down 0.64 percent to P776; BDO Unibank Inc., down 0.14 percent to P142.60; Converge ICT Solutions Inc., up 2.6 percent to P15; and Bank of the Philippine Islands, up 0.26 percent to P114.30 each.

Others were DigiPlus Interactive Corp., down 5.11 percent to P26.90; Manila Water Co. Inc., up 1.22 percent to P41.35; Globe Telecom Inc., down 2.28 percent to P1,632; Manila Electric Co., up 3.01 percent to P547; and Aboitiz Power Corp., down 1.75 percent to P42.20 per share.
Losers edged out gainers, 97 to 93, while 50 companies closed flat, stock exchange data also showed.