PSEi closes flat on flat note at one-year high

Philippine shares closed on a flat note Thursday, after the market fell short of breaking the immediate resistance at 8,050 on the PSEi in the absence of new leads to push prices higher.

The main index was up 8.27 points or 0.10 percent to 8,045.78 – the highest since closing at 8,051.40 on August 10, 2016.

The broader All Shares gained 1.78 points or 0.04 percent to 4,781.58.

"The market is flat as there were no big catalysts – news – to push it higher. As of the moment, it seems to be steady after the President's SONA (State of the Nation Address)," Summit Securities Inc. president Harry Liu told GMA News Online.

People are still banking on first half corporate earnings, Liu noted, saying chances are the PSEi will hover above the 8,000 level in the coming days.

Foreign funds bought P3.365 billion of shares during the session and sold P2.739 billion for a net buying position of P626.259 million.

More than 1.955 billion shares, valued at P7.128 billion, changed hands. Losers led winners, 115 to 94, and 53 issues were unchanged.

In a separate market comment, Regina Capital Development Corp. said local shares traded on a slightly positive note based on new highs after the US Federal Reserve kept interest rates unchanged and signaled that inflation remains persistently below its target.

According to a report by Reuters, the US Federal Reserve decided to keep rates unmoved on Thursday, as it noted that both overall and core inflation had declined and suggested that the slowdown may not be temporary.

"Stocks, bonds and commodities were all on a roll in Asia on Thursday as bulls scented a softening in the Federal Reserve's confidence on inflation that promised to keep US interest rates low for longer," it said. — VDS, GMA News