PHL shares end morning session on flat note

Philippine stocks ended the morning session flat on Monday as the market languished on lack of fresh leads to push prices higher.

 

The market is trading "sideways still... doesn't know where to go now," Miko Sayo, analyst at Nieves Securities Inc., said in a text message.

 

"'Di tayo overbought, but trading is tempered as investors are cautious. This is more of consolidating, it is still making stronger ground," said Claire Quiray, analyst at Regina Capital Development Corporation and president of the Stock Market School.

 

The benchmark PSEi was up by 5.22 points or 0.07 percent to 7,285.09 at the noon recess. The PSEi hit 7,308.22 in early trades on Wall Street's record gains on Friday.

 

The broader all shares index added 1.24 points or 0.03 percent to 4,497.45. Except for the industrial, all subindices were in the green. "… Most sectors ended the morning session in the green but the industrial is not rebounding yet," Quiray noted.

 

Over 441 million shares valued at P2.85 billion were traded.

 

Based on indicators, Quiray said the market holds an upside potential in the afternoon trade.

 

According to Reuters, US stocks climbed into uncharted territory on Friday, racking up gains four weeks in a row as encouraging economic data prompted investors to pick up shares of growth companies.

 

The Dow Jones industrial average gained 121.18 points, or 0.80 percent, to close at a record 15,354.40. The Standard & Poor's 500 Index rose 15.65 points, or 0.95 percent, to end at a record 1,666.12. The Nasdaq Composite Index climbed 33.72 points, or 0.97 percent, to finish at 3,498.97 - its highest close since October 2000. — VS, GMA News