MANILA — Local shares closed flat on Wednesday while peso ended sideways.
The benchmark Philippine Stock Exchange index (PSEi) inched down by 0.01 percent, or less than 1 point, to 6,882.12, with All Shares also slipping by 0.03 percent to 3,729.52 level.
Sectoral indices were mixed with winners include Financials (+0.99 percent), Mining and Oil (+0.29 percent), and Property (+0.10 percent).
Losers during mid-week’s trading are Industrial, down by 1.02 percent; Services, contracted by 0.20 percent; and Holding Firms, declined by 0.09 percent.
“The negative spillovers from Wall Street amid renewed concerns over the US economy’s health weighed on the market. The local bourse fell as low as 6,759.93 intra-day but had its losses trimmed on the back of bargain hunting,” Philstocks Financial research manager Japhet Tantiangco said.
“Trading was still tepid as investors await the Philippines’ August inflation data. Net value turnover stood at PHP4.71 billion, below the year-to-date average of PHP5 billion. Foreigners were net buyers with net inflows amounting to PHP145.73 million."
Decliners outnumbered advancers at 113 to 76, leaving 54 counters unchanged.
Meanwhile, the peso finished the day at 56.58 to the US dollar from closing at USD56.61 on Tuesday.
The local currency started the day at 56.53 and traded from a low of 56.50 to a high of 56.62.
The average level for the day stood at 56.57 to the greenback.
Level of trade declined to USD1.57 billion from USD1.83 billion in the previous day. (PNA)
