Investors’ decision to look for bargains resulted in the sideways close of both the Philippine Stock Exchange index (PSEi) and the Philippine peso on Wednesday.
The local bourse’s main index inched up by 0.003 percent to 6,277.87 points, but the broader All Shares slipped by 0.07 percent to 3,735.14 points.
Half of the sectoral counters posted gains – Services, 1.65 percent; Property, 0.53 percent; and Industrial, 0.03 percent.
On the other hand, Mining and Oil dipped 1.64 percent; Holding Firms, 1.57 percent; and Financials, 0.17 percent.
Volume reached 1.07 billion shares, amounting to P5.76 billion.
Decliners led advancers at 110 to 86, while 49 shares were unchanged.
Luis Limlingan, Regina Capital Development Corp. head of sales, traced the PSEi’s performance to “investors seeking for possible bargains after a series of declines in recent days.”
“Moreover, many participants remained cautious, waiting for further developments from the (US) Fed (Federal Reserve) in the coming days that could solidify the market’s potential next move,” he added.
The local currency remained firm against the US dollar amid this cautious stance among investors, resulting in its 56.96 close against the US dollar, little changed from its 57.1 close on Tuesday.
It opened weaker at 57.25 compared to the previous day’s 57.05 start, and traded at 57.39 to 56.96. The day’s average stood at 57.22.
Volume reached USD1.83 billion, lower than the previous session’s USD1.98 billion.*PNA
