PHL stocks end flat before two-day trading break

PHILIPPINE STOCKS ended a tad higher on Tuesday on last-minute buying as players mostly stayed on the sidelines and took safe positions before the Christmas break.

The bellwether Philippine Stock Exchange index (PSEi) edged up by 0.01% or 0.65 point to end at 6,041.91, while the broader all shares index rose by 0.03% or 1.23 points to 3,447.53.

“The local market pocketed a last-minute uptick, barely clutching higher grounds as investors seized the opportunity to position early before the Christmas break,” AP Securities, Inc. said in a market note.

“For the most part of the day, the local market was in the negative territory as investors booked gains to shield themselves from uncertainties and possible negative developments during the holidays,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message. “Still, last-minute bargain hunting allowed the market to have a flat close.”

The PSEi opened Tuesday’s session at 6,058.10, higher than Monday’s close of 6,041.26. It hit an intraday high of 6,063.82 and a low of 5,988.67.

Philippine financial markets are closed on Dec. 24-25 for the Christmas holidays.

Most sectoral indices closed higher on Tuesday. Mining and oil climbed by 1.95% or 282.58 points to 14,768.3; property rose by 0.82% or 18.67 points to 2,269.70; holding firms went up by 0.66% or 31.09 points to 4,739.75; and financials increased by 0.21% or 4.31 points to close the session at 2,055.62.

Meanwhile, services fell by 1.11% or 26.65 points to 2,368.77, and industrials went down by 0.46% or 39.96 points to 8,600.38.

“JG Summit Holdings, Inc. was the day’s top index gainer, climbing 3.07% to P23.50. DigiPlus Interactive Corp. was the main index laggard, falling 4.67% to P16.34,” Mr. Tantiangco said.

Decliners outnumbered advancers, 107 to 88, while 49 names closed unchanged.

Value turnover went down to P4.7 billion on Tuesday with 1.52 billion shares traded from the P8.28 billion with 7.16 billion issues that changed hands on Monday.

Net foreign buying was at P107.99 million, a reversal of the P975.15 million in net selling recorded on Monday.

Meanwhile, Asia shares rose alongside precious metals on Tuesday as buying momentum from investors extended ahead of the festive holidays, with an advanced reading on US gross domestic product expected later in the day, Reuters reported.

Third-quarter growth figures are forecast to show the US economy had continued to grow strongly. The market mood remained buoyant ahead of the outcome and MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.39%, while Tokyo’s Nikkei eased 0.1%, weighed down by a stronger yen.

European futures were mixed, while S&P 500 futures and Nasdaq futures were little changed. — A.G.C. Magno with Reuters