PSEi listless ahead of Trump inauguration
Local shares traded flat on Monday as investors waited on the sidelines ahead of US President-elect Donald Trump’s inauguration.
The benchmark Philippine Stock Exchange Index (PSEi) closed at 6,349.89, down by 0.04 percent, or 2.23 points.
Likewise, the broader All Shares Index shed 0.02 percent, or 0.87 points, to end at 3,702.86 by the closing bell.
A total of 1.54 billion shares worth P3.81 billion changed hands, with foreign outflows totaling P107.92 million, stock exchange data showed.
The bourse traded within the 6,300 level the entire day before ending nearly unchanged.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., explained that markets were awaiting Trump’s inauguration, resulting in sideways trading.
Locally, the subsectors ended mixed, with banks booking the largest gain, while property firms tumbled by more than 1 percent.
Sy family-led conglomerate SM Investments Corp. was the top-traded stock as it slipped by 0.6 percent to P830 each, followed by BDO Unibank Inc., up 0.83 percent to P146.20; and Ayala Land Inc., down 2.13 percent to P25.25 per share.
Synergy Grid and Development Phils. Inc., the controlling shareholder of grid operator National Grid Corp. of the Philippines, rallied by 4.65 percent to P13.50 as investors continued to absorb news of Maharlika Investment Corp.’s possible entry into the listed firm.
Other actively traded stocks were International Container Terminal Services Inc., down 0.75 percent to P396; Manila Electric Co., up 0.81 percent to P495; SM Prime Holdings Inc., down 2.03 percent to P24.10; Converge ICT Solutions Inc., up 3.42 percent to P17.54.
